<SEC-DOCUMENT>0001567619-15-000620.txt : 20150430
<SEC-HEADER>0001567619-15-000620.hdr.sgml : 20150430
<ACCEPTANCE-DATETIME>20150430123531
ACCESSION NUMBER:		0001567619-15-000620
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		27
CONFORMED PERIOD OF REPORT:	20141231
FILED AS OF DATE:		20150430
DATE AS OF CHANGE:		20150430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Adecoagro S.A.
		CENTRAL INDEX KEY:			0001499505
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE PRODUCTION - CROPS [0100]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35052
		FILM NUMBER:		15816594

	BUSINESS ADDRESS:	
		STREET 1:		13-15 Avenue de la Liberte
		CITY:			N/A
		STATE:			N4
		ZIP:			L-1931
		BUSINESS PHONE:		352 2689-8213

	MAIL ADDRESS:	
		STREET 1:		13-15 Avenue de la Liberte
		CITY:			N/A
		STATE:			N4
		ZIP:			L-1931
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>s000878x1_20f.htm
<DESCRIPTION>20-F
<TEXT>
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<P STYLE="text-align: center; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<P STYLE="text-align: center; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>UNITED
STATES SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Washington, D.C. 20549</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Form 20-F</B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt">&#9744;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 79%; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>OR</B></FONT></TD>
    <TD STYLE="width: 19%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Wingdings">&#254;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED ON DECEMBER 31, 2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>OR</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FOR THE TRANSITION PERIOD FROM ____________&nbsp;TO&nbsp;____________</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>OR</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Date of event requiring this shell company report</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>COMMISSION FILE NUMBER:
001-35052</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Adecoagro S.A.</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(Exact name of Registrant
as specified in its charter)</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>N/A</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(Translation of Registrant&#146;s
name into English)</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Grand Duchy of Luxembourg</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(Jurisdiction of incorporation
or organization)</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Vertigo Naos Building,
6, Rue Eug&egrave;ne Ruppert,</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>L - 2453 Luxembourg</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Tel: +352.2644.9372</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(Address of principal
executive offices)</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Abdelhakim Chagaar</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Vertigo Naos Building,
6, Rue Eug&egrave;ne Ruppert,</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">L - 2453 Luxembourg</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Email: abdelhakim.chagaar@intertrustgroup.com</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Tel: +352.2644.9372</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(Name, Telephone, E-Mail
and/or Facsimile number and Address of Company Contact Person)</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Securities registered
or to be registered pursuant to Section 12(b) of the Act:</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; width: 50%; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Title of Each Class</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 50%; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name of Each Exchange on Which Registered</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common Shares</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New York Stock Exchange</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Securities registered
or to be registered pursuant to Section 12(g) of the Act:</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">None</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Securities for which there
is a reporting obligation pursuant to Section 15(d) of the Act:</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">None</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The number of outstanding
shares of each of the issuer&#146;s classes of capital stock</P>

<P STYLE="text-align: center; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">as of December 31, 2014:</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">120,978,527 Common Shares, par value $1.50 per share</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Indicate by check mark
if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yes&nbsp;&#9744;&#160;&#160;&#160;&#160;No
</FONT><FONT STYLE="font-family: Wingdings">&#254;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">If this report is an annual
or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yes&nbsp;&#9744;&#160;&#160;&#160;&#160;&#160;No
</FONT><FONT STYLE="font-family: Wingdings">&#254;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Indicate by check mark
whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2)
has been subject to such filing requirements for the past 90 days.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yes&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#254;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;No &#9744;</FONT></P>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). (*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Yes&nbsp;&#9744;&#160;&#160;&#160;No &#9744;</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(*) This requirement
does not apply to the registrant in respect of this filing.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, or non-accelerated filer. See definition of &#147;accelerated
filer and large accelerated filer&#148; in Rule 12b-2 of the Exchange Act. (Check one):&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 39%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 26%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 35%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Large
accelerated filer &#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accelerated filer </FONT><FONT STYLE="font: 10pt Wingdings">&#254;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-accelerated
filer &#9744;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Indicate by check mark
which basis of accounting the registrant has used to prepare the financial statements included in this filing:</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">U.S.
GAAP &#9744; International Financial Reporting Standards as issued by the International Accounting Standards
Board&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#254;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> Other
&#9744;</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">If &#147;Other&#148;
has been checked in response to the previous question, indicate by check mark which financial statement item the Registrant has
elected to follow:</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item
17 &#9744;&nbsp; Item 18 &#9744;</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yes &#9744; No </FONT><FONT STYLE="font-family: Wingdings">&#254;</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font-size: 10pt">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>



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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>TABLE OF CONTENTS</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 78%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top"><A HREF="#a001v2"><B>FORWARD-LOOKING STATEMENTS</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>iv</B></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top"><A HREF="#a002v2"><B>PRESENTATION OF FINANCIAL AND OTHER INFORMATION</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>v</B></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a003v2"><B>PART I</B></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>1</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a004v2"><B>Item 1.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a004v2"><B>Identity of Directors, Senior Management and Advisers</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>1</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a005v2"><B>Item 2.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a005v2"><B>Offer Statistics and Expected Timetable</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>1</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a006v2"><B>Item 3.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a006v2"><B>Key Information</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>1</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a007v2"><B>A.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a007v2"><B>SELECTED FINANCIAL DATA</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>1</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a008v2"><B>B.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a008v2"><B>CAPITALIZATION AND INDEBTEDNESS</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>9</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a009v2"><B>C.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a009v2"><B>REASONS FOR THE OFFER AND USE OF PROCEEDS</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>9</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a010v2"><B>D.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a010v2"><B>RISK FACTORS</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>9</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a011v2"><B>Item 4.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a011v2"><B>Information on the Company</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>39</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a012v2"><B>A.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a012v2"><B>HISTORY AND DEVELOPMENT OF THE COMPANY</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>39</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a013v2"><B>B.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a013v2"><B>BUSINESS OVERVIEW</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>44</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a014v2"><B>C.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a014v2"><B>ORGANIZATIONAL STRUCTURE</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>84</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a015v2"><B>D.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a015v2"><B>PROPERTY, PLANTS AND EQUIPMENT</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>85</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a016v2"><B>Item 4B.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a016v2"><B>Unresolved Staff Comments</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>85</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a017v2"><B>Item 5.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a017v2"><B>Operating and Financial Review and Prospects</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>85</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a018v2"><B>A.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a018v2"><B>OPERATING RESULTS</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>88</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a019v2"><B>B.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a019v2"><B>LIQUIDITY AND CAPITAL RESOURCES</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>119</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a020v2"><B>C.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a020v2"><B>RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>126</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a021v2"><B>D.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a021v2"><B>TREND INFORMATION</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>126</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a022v2"><B>E.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a022v2"><B>OFF-BALANCE SHEET ARRANGEMENTS</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>126</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a023v2"><B>F.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a023v2"><B>TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>127</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a024v2"><B>G.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a024v2"><B>SAFE HARBOR</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>127</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a025v2"><B>Item 6.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a025v2"><B>Directors, Senior Management and Employees</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>127</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a026v2"><B>A.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a026v2"><B>DIRECTORS AND SENIOR MANAGEMENT (traer de Annual Report)</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>127</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a027v2"><B>B.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a027v2"><B>COMPENSATION</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>131</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a028v2"><B>C.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a028v2"><B>BOARD PRACTICES</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>132</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a029v2"><B>D.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a029v2"><B>EMPLOYEES</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>134</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a030v2"><B>E.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a030v2"><B>SHARE OWNERSHIP</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>135</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a031v2"><B>Item 7.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a031v2"><B>Major Shareholders and Related Party Transactions</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>138</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a032v2"><B>A.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a032v2"><B>MAJOR SHAREHOLDERS</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>138</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a033v2"><B>B.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a033v2"><B>RELATED PARTY TRANSACTIONS</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>139</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a034v2"><B>C.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a034v2"><B>INTERESTS OF EXPERTS AND COUNSEL</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>140</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a035v2"><B>Item 8.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a035v2"><B>Financial Information</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>140</B></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 78%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a036v2"><B>A.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a036v2"><B>CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>140</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a037v2"><B>B.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a037v2"><B>SIGNIFICANT CHANGES</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>142</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a038v2"><B>Item 9.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a038v2"><B>The Offer and Listing</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>142</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a039v2"><B>A.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a039v2"><B>OFFER AND LISTING DETAILS</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>142</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a040v2"><B>B.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a040v2"><B>PLAN OF DISTRIBUTION</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>143</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a041v2"><B>C.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a041v2"><B>MARKETS</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>143</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a042v2"><B>D.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a042v2"><B>SELLING SHAREHOLDERS</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>143</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a043v2"><B>E.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a043v2"><B>DILUTION</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>143</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a044v2"><B>F.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a044v2"><B>EXPENSES OF THE ISSUE</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>143</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a045v2"><B>Item 10.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a045v2"><B>Additional Information</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>143</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a046v2"><B>A.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a046v2"><B>SHARE CAPITAL</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>143</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a047v2"><B>B.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a047v2"><B>MEMORANDUM AND ARTICLES OF ASSOCIATION</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>143</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a048v2"><B>C.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a048v2"><B>MATERIAL CONTRACTS</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>153</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a049v2"><B>D.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a049v2"><B>EXCHANGE CONTROLS</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>153</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a050v2"><B>E.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a050v2"><B>TAXATION</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>156</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a051v2"><B>F.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a051v2"><B>DIVIDENDS AND PAYING AGENTS</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>163</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a052v2"><B>G.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a052v2"><B>STATEMENT BY EXPERTS</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>163</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a053v2"><B>H.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a053v2"><B>DOCUMENTS ON DISPLAY</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>163</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a054v2"><B>I.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a054v2"><B>SUBSIDIARY INFORMATION</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>163</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a055v2"><B>Item 11.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a055v2"><B>Quantitative and Qualitative Disclosures About Market Risk</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>163</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a056v2"><B>Item 12.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a056v2"><B>Description of Securities Other than Equity Securities</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>163</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a057v2"><B>A.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a057v2"><B>DEBT SECURITIES</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>163</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a058v2"><B>B.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a058v2"><B>WARRANTS AND RIGHTS</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>163</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a059v2"><B>C.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a059v2"><B>OTHER SECURITIES</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>163</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a060v2"><B>D.</B></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="#a060v2"><B>AMERICAN DEPOSITORY SHARES</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>164</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a061v2"><B>PART II</B></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>164</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a062v2"><B>Item 13.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a062v2"><B>Defaults, Dividend Arrearages and Delinquencies</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>164</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a063v2"><B>Item 14.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a063v2"><B>Material Modifications to the Rights of Security Holders and Use of Proceeds</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>164</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a064v2"><B>Item 15.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a064v2"><B>Controls and Procedures</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>164</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a065v2"><B>Item 16.</B></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>165</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a066v2"><B>Item 16A.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a066v2"><B>Audit Committee Financial Expert</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>165</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a067v2"><B>Item 16B.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a067v2"><B>Code of Ethics</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>165</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a068v2"><B>Item 16C.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a068v2"><B>Principal Accountant Fees and Services</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>165</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a069v2"><B>Item 16D.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a069v2"><B>Exemptions from the Listing Standards for Audit Committees</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>166</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a070v2"><B>Item 16E.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a070v2"><B>Purchases of Equity Securities by the Issuer and Affiliated Purchasers</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>166</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a071v2"><B>Item 16F.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a071v2"><B>Change in Registrant&#146;s Certifying Accountant</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>166</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a072v2"><B>Item 16G.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a072v2"><B>Corporate Governance</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>166</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a073v2"><B>Item 16H.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a073v2"><B>Mine Safety Disclosure</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>169</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 78%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a074v2"><B>PART III</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a074v2"></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>169</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a075v2"><B>Item 17.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a075v2"><B>Financial Statements</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>169</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a076v2"><B>Item 18.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a076v2"><B>Financial Statements</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>169</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#a077v2"><B>Item 19.</B></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a077v2"><B>Exhibits</B></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>169</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><A NAME="a001v2"></A>FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This annual report
contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us
and our industry. These forward-looking statements can be identified by words or phrases such as &#147;anticipate,&#148; &#147;believe,&#148;
&#147;continue,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;is/are likely to,&#148; &#147;may,&#148;
&#147;plan,&#148; &#147;should,&#148; &#147;would,&#148; or other similar expressions. The forward-looking statements included
in this annual report relate to, among others:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 92%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our business prospects and future results of operations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">weather and other natural phenomena;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">developments in, or changes to, the laws, regulations and governmental policies governing our business, including limitations on ownership of farmland by foreign entities in certain jurisdiction in which we operate, environmental laws and regulations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the implementation of our business strategy, including our development of the Ivinhema mill and other current projects;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our plans relating to acquisitions, joint ventures, strategic alliances or divestitures;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the implementation of our financing strategy and capital expenditure plan;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the maintenance of our relationships with customers;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the competitive nature of the industries in which we operate;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the cost and availability of financing;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">future demand for the commodities we produce;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">international prices for commodities;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the condition of our land holdings;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the development of the logistics and infrastructure for transportation of our products in the countries where we operate;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the performance of the South American and world economies;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the relative value of the Brazilian Real, the Argentine Peso, and the Uruguayan Peso compared to other currencies; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the factors discussed under the section entitled &#147;Risk Factors&#148; in this annual report.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">These forward-looking
statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking
statements are reasonable, our expectations may turn out to be incorrect. Our actual results could be materially different from
our expectations. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed
in this annual report might not occur, and our future results and our performance may differ materially from those expressed in
these forward-looking statements due to, including, but not limited to, the factors mentioned above. Because of these uncertainties,
you should not make any investment decision based on these estimates and forward-looking statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The forward-looking
statements made in this annual report relate only to events or information as of the date on which the statements are made. We
undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the
statements are made or to reflect the occurrence of unanticipated events.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><A NAME="a002v2"></A>PRESENTATION
OF FINANCIAL AND OTHER INFORMATION</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Certain Defined Terms</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In this annual report,
unless otherwise specified or if the context so requires:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 92%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">References to the terms &#147;Adecoagro S.A.,&#148; &#147;Adecoagro,&#148; &#147;we,&#148; &#147;us,&#148; &#147;our,&#148; &#147;Company&#148; and &#147;our company&#148; refer to, Adecoagro S.A., a corporation organized under the form of a <I>soci&eacute;t&eacute; anonyme </I>under the laws of the Grand Duchy of Luxembourg, and its subsidiaries.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">References to &#147;IFH&#148; and &#147;IFH LP&#148; mean the former International Farmland Holdings, LP, a limited partnership (previously International Farmland Holdings, LLC, or IFH LLC) organized under the laws of Delaware, and its subsidiaries.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">References to &#147;Adecoagro LP&#148; mean Adecoagro, LP SCS, a limited partnership organized under the form of a <I>soci&eacute;t&eacute; comandite simple </I>under the laws of the Grand Duchy of Luxembourg (previously Adecoagro, LLC) organized under the laws of Delaware, and its subsidiaries.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">References to &#147;$,&#148; &#147;US$,&#148; &#147;U.S. dollars&#148; and &#147;dollars&#148; are to U.S. dollars.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">References to &#147;Argentine Pesos,&#148; &#147;Pesos&#148; or &#147;Ps.&#148; are to Argentine Pesos, the official currency of Argentina.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">References to &#147;Brazilian Real,&#148; &#147;Real,&#148; &#147;Reais&#148; or &#147;R$&#148; are to the Brazilian Real, the official currency of Brazil.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unless stated otherwise, references to &#147;sales&#148; are to the consolidated sales of manufactured products and services rendered plus sales of agricultural produce and biological assets.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">References to &#147;IFRS&#148; are International Financial Reporting Standards&nbsp;&nbsp;issued by the International Accounting Standards Board (&#147;IASB&#148;) and the interpretations of the International Financial Reporting Interpretations Committee (&#147;IFRIC&#148;), together &#147;IFRS.&#148;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Financial Statements</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Background</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;As part
of a corporate reorganization (the &#147;Reorganization&#148;), Adecoagro, a Luxembourg corporation under the form of a <I>soci&eacute;t&eacute;
anonyme</I>, was formed as a holding company for IFH for the purpose, among others, of facilitating the initial public offering
(the &#147;IPO&#148;) of our common shares, completed on January 28, 2011. Before the IPO, Adecoagro had not engaged in any business
or other activities except in connection with its formation and the Reorganization. For an additional discussion of the Reorganization,
see &#147;Item 4. Information on the Company&mdash;A. History and Development of the Company&mdash;History.&#148;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During 2011, we contributed
the net proceeds of the IPO to increase our interest in IFH from 98% to 98.64%. During 2012, we issued, in a series of transactions,
1,654,752 shares to certain limited partners of IFH in exchange for their residual interest in IFH, totaling 1.3595%, thereby increasing
our interest in IFH to approximately 100%.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On March 27, 2015, Adecoagro
commenced a series of transactions for the purpose of transfering the domicile of Adecoagro LP to Luxembourg. In connection with
the Adecoagro LP redomiciliation, Adecoagro merged IFH LP into Adecoagro LP with Adecoagro LP as the surviving entity and Adecoagro
GP S.a.r.l., <I>a societe responsibilitie limitee</I> organized under the laws of Luxembourg, became the general partner of<B>&nbsp;</B>Adecoagro
LP on April 1, 2015. Also on April 1, 2015, Adecoagro completed the redomiciliation of Adecoagro LP out of Delaware to Luxembourg
and Adecoagro LP, without dissolution or liquidation, continued its corporate existence as Adecoagro LP S.C.S., <I>a societe en
commandite simple </I>organized under Luxembourg law, effective April 2, 2015. For a detailed description of the Adecoagro LP redomiciliation
please see &#147;Item 4. Information on the Company&mdash;A. History and Development of the Company&mdash;History.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The consolidated financial
statements as of December 31, 2014, 2013 and&nbsp;&nbsp;2012,&nbsp;&nbsp;and for the years then ended (hereinafter, the &#147;Consolidated
Financial Statements&#148;) included in this annual report have been prepared in accordance with IFRS. All IFRS&nbsp;&nbsp;effective at
the time of preparing the consolidated financial statements have been applied.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Non-IFRS Financial Measures</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We present Adjusted
Consolidated EBITDA, Adjusted Segment EBITDA, Adjusted Consolidated EBIT and Adjusted Segment EBIT in this annual report as supplemental
measures of performance of our company and of each operating segment, respectively, that are not required by, or presented in accordance
with IFRS. Our Adjusted Consolidated EBITDA equals the sum of our Adjusted Segment EBITDA for each of our operating segments. We
define &#147;Adjusted Consolidated EBITDA&#148; as (i) consolidated net profit (loss) for the year, as applicable, before interest
expense, income taxes, depreciation and amortization, foreign exchange gains or losses, other net financial expenses and unrealized
changes in fair value of our long-term biological assets, primarily our sugarcane and coffee plantations and cattle stocks; and
(ii) adjusted by profit or loss from discontinued operations; and (iii) by gains or losses from disposals of non-controlling interests
in subsidiaries whose main underlying asset is farmland which are reflected in our Shareholders Equity under the line item &#147;Reserve
from the sale of non-controlling&nbsp;&nbsp;interests in subsidiaries.&#148; We define &#147;Adjusted Segment EBITDA&#148; for
each of our operating segments as (i) the segment&#146;s share of consolidated profit (loss) from operations before financing
and taxation for the year, as applicable, before depreciation and amortization and unrealized changes in fair value of our long-term
biological assets; and (ii) adjusted by profit or loss from discontinued operations; and adjusted by gains or losses from disposals
of non-controlling interests in subsidiaries whose main underlying asset is farmland, which are reflected in our Shareholders Equity
under the line item: &#147;Reserve from the sale of non-controlling interests in subsidiaries.&#148;&nbsp;&nbsp;We believe that
Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are important measures of operating performance for our company and each
operating segment, respectively, because they allow investors and others to evaluate and compare our consolidated operating results
and to evaluate and compare the operating performance of our segments, respectively, including our return on capital and operating
efficiencies, from period to period by removing the impact of our capital structure (interest expense from our outstanding debt),
asset base (depreciation and amortization), tax consequences (income taxes), unrealized changes in fair value of biological assets
(a significant non-cash gain or loss to our consolidated statements of income under IAS 41 accounting), foreign exchange gains
or losses and other financial expenses. In addition, by including the gains or losses from disposals of non-controlling interests
in subsidiaries whose main underlying asset is farmland, investors can also evaluate the full value and returns generated by our
land transformation activities. Other companies may calculate Adjusted Consolidated EBITDA and Adjusted Segment EBITDA differently,
and therefore our Adjusted Consolidated EBITDA and Adjusted Segment EBITDA may not be comparable to similarly titled measures used
by other companies. Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are not measures of financial performance under IFRS,
and should not be considered in isolation or as an alternative to consolidated net profit (loss), cash flows from operating activities,
segment&#146;s profit from operations before financing and taxation and other measures determined in accordance with IFRS. Items
excluded from Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are significant and necessary components to the operations
of our business, and, therefore, Adjusted Consolidated EBITDA and Adjusted Segment EBITDA should only be used as a supplemental
measure of our company&#146;s operating performance, and of each of our operating segments, respectively. We also believe Adjusted
Consolidated EBITDA and Adjusted Segment EBITDA are useful for securities analysts, investors and others to evaluate the financial
performance of our company and other companies in the agricultural industry. These non-IFRS measures should be considered in addition
to, but not as a substitute for or superior to, the information contained in either our statements of income or segment information.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our Adjusted Consolidated
EBIT equals the sum of our Adjusted Segment EBITs for each of our operating segments. We define &#147;Adjusted Consolidated EBIT&#148;
as (i) consolidated net profit (loss) for the year, as applicable, before interest expense, income taxes, foreign exchange gains
or losses, other net financial expenses and unrealized changes in fair value of our long-term biological assets, primarily our
sugarcane and coffee plantations and cattle stocks; and (ii) adjusted by profit or loss from discontinued operations; and adjusted
by gains or losses from disposals of non controlling interests in subsidiaries whose main underlying asset farmland. We define
&#147;Adjusted Segment EBIT&#148; for each of our operating segments as the segment&#146;s share of (i) consolidated profit
(loss) from operations before financing and taxation for the year, as applicable, before unrealized changes in fair value of our
long-term biological assets; and (ii) adjusted by profit or loss from discontinued operations; and (iii) adjusted by gains or losses
from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, which are reflected in our
Shareholders Equity under the line item: &#147;Reserve from the sale of non-controlling interests in subsidiaries.&#148;&nbsp;&nbsp;We
believe that Adjusted Consolidated EBIT and Adjusted Segment EBIT are important measures of operating performance, for our company
and each operating segment, respectively, because they allow investors and others to evaluate and compare our consolidated operating
results and to evaluate and compare the operating performance of our segments, from period to period by including the impact of
depreciable fixed assets and removing the impact of our capital structure (interest expense from our outstanding debt), tax consequences
(income taxes), unrealized changes in fair value of biological assets (a significant non-cash gain or loss to our consolidated
statements of income under IAS 41 accounting), foreign exchange gains or losses and other financial expenses. In addition, by including
the gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, investors
can evaluate the full value and returns generated by our land transformation activities. Other companies may calculate Adjusted
Consolidated EBIT and Adjusted Segment EBIT differently, and therefore our Adjusted Consolidated EBIT and Adjusted Segment EBIT
may not be comparable to similarly titled measures used by other companies. Adjusted Consolidated EBIT and Adjusted Segment EBIT
are not measures of financial performance under IFRS, and should not be considered in isolation or as an alternative to consolidated
net profit (loss), cash flows from operating activities, segment&#146;s profit from operations before financing and taxation and
other measures determined in accordance with IFRS. Items excluded from Adjusted Consolidated EBIT and Adjusted Segment EBIT are
significant and necessary components to the operations of our business, and, therefore, Adjusted Consolidated EBIT and Adjusted
Segment EBIT should only be used as a supplemental measure of the operating performance of our company, and of each of our operating
segments, respectively. We also believe Adjusted Consolidated EBIT and Adjusted Segment EBIT are useful for securities analysts,
investors and others to evaluate the financial performance of our company and other companies in the agricultural industry.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Fiscal Year and Harvest
Year</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our fiscal year begins
on January 1 and ends on December 31 of each year. However, our production is based on the harvest year for each of our crops and
rice. A harvest year varies according to the crop or rice and to the climate in which it is grown. Due to the geographic diversity
of our farms, the planting period for a given crop or rice may start earlier on one farm than on another, causing differences in
their respective harvesting periods. The presentation of production volume (tons) and product area (hectares) in this annual report,
in respect of the harvest years for each of our crops and rice, starts with the first day of the planting period at the first farm
to start planting on that harvest year and continues to the last day of the harvesting period of the respective crop or rice on
the last farm to finish harvesting that harvest year, as shown in the table below.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><IMG SRC="img001_v2.jpg" ALT="(GRAPHIC)"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Product area for cattle
is presented on a harvest year basis given that land utilized for cattle operations is linked to our farming operations and use
of farmland during a harvest year. Production volumes for dairy and cattle operations are presented on a fiscal year basis. On
the other hand, production volumes and product area in our sugar, ethanol and energy business are presented on a fiscal year basis.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The financial results
for all of our products are presented on a fiscal year basis.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Certain Weight Units
and Measures in the Agricultural Business</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Weight units and measures
used in agriculture vary according to the crop and producing country. In order to permit comparability of our operating data with
operating data from the international markets, the following table sets forth key weight units and measures used in the agriculture
industry:&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Agricultural weight units and measures</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 metric ton</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,000 kg</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.102 U.S. (short) tons</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 cubic meter</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,000 liters</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 kilogram (kg)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.20462 pounds</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 pound</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.45359 kg</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 acre</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.40469 hectares</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 hectare (ha)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.47105 acres</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Soybean and Wheat</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 bushel of soybean</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60 pounds</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27.2155 kg</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 bag of soybean</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60 kg</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.20462 bushels</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 bushel/acre</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">67.25 kg/ha</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.00 U.S. dollar/bushel</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.2046 U.S. dollar/bag</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Corn</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 bushel of corn</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">56 pounds</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25.4012 kg</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 bag of corn</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60 kg</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.36210 bushels</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 bushel/acre</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">62.77 kg/ha</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.00 U.S. dollar/bushel</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.3621 U.S. dollar/bag</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cotton</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 bale</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">480 pounds</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">217.72 kg</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 arroba</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.68 kg</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Coffee</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 bag of coffee</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60 kg</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">132.28 pounds</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.00 US$ cents/pound</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3228 U.S. dollar/bag</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 liter</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.264 gallons</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.273 pounds</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 gallon</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.785 liters</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.604 pounds</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 lbs</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.440 liters</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.116 gallons</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.00 U.S. dollar/liter</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">43.995 U.S. dollar/cwt</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.785 U.S. dollar/gallon</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.00 U.S. dollar/cwt</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.023 U.S. dollar/liter</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.086 U.S. dollar/gallon</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.00 U.S. dollar/gallon</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.264 U.S. dollar/liter</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.622 U.S. dollar/cwt</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Sugar &amp; Ethanol</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 kg of TRS equivalent</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.95 kg of VHP Sugar</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.59 liters of Hydrated Ethanol</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.00 US$ cents/pound</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22.04 U.S. dollar/ton</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Presentation of Information
&mdash; Market Data and Forecasts</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This annual report includes
information provided by us and by third-party sources that we believe are reliable, including data related to the economic conditions
in the markets in which we operate. Unless otherwise indicated, information in this annual report concerning economic conditions
is based on publicly available information from third-party sources which we believe to be reasonable. The economic conditions
in the markets in which we operate may deteriorate, and those economies may not grow at the rates projected by market data, or
at all. The deterioration of the economic conditions in the markets in which we operate may have a material adverse effect on our
business, results of operations and financial condition and the market price of our common shares.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Rounding</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We have made rounding
adjustments to reach some of the figures included in this annual report. Accordingly, numerical figures shown as totals in some
tables may not be an arithmetic aggregation of the figures that preceded them.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><A NAME="a003v2"></A>PART I</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 1.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="a004v2"></A>Identity of Directors, Senior Management and Advisers</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 2.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="a005v2"></A>Offer Statistics and Expected Timetable</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 3.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="a006v2"></A>Key Information</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>A.</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="a007v2"></A>SELECTED FINANCIAL DATA</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following data,
insofar as it relates to each of the years 2010-2014, has been derived from our annual consolidated financial statements, including
the consolidated balance sheets at December 31, 2014 and 2013 and the related consolidated statements of income, comprehensive
income and cash flow for each of the three years in the period ended December 31, 2014, and notes thereto included elsewhere in
this annual report (the &#147;Consolidated Financial Statements&#148;).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The financial statements
are prepared in accordance with IFRS . All IFRS effective at the time of preparing the Consolidated Financial Statements have been
applied.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">You should read the
information contained in the following tables in conjunction with &#147;Item 5. Operating and Financial Review and Prospects&#148;,
&#147;Item 8. Financial Information&#148;, &#147;Item 18. Financial Statements&#148; and the Consolidated Financial Statements
and the accompanying notes included elsewhere in this annual report.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>As
    of December,</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2011</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2010</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Statement of Income Data:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 45%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales of manufactured products and services rendered</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">513,127</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">425,307</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">379,526</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">365,857</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">294,529</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of manufactured products sold and services rendered</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(335,442</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(272,261</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(263,978</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(237,404</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(219,201</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Gross profit from manufacturing activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>177,685</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>153,046</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>115,548</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>128,453</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>75,328</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sale of agricultural produce and biological assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">209,839</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">219,317</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">225,174</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">182,227</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">131,738</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of agricultural produce sold and direct agricultural selling expenses(l)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(209,839</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(219,317</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(225,174</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(182,227</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(131,738</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial recognition and changes in fair value of biological assets and agricultural produce</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,145</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(39,123</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,643</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">86,811</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(30,528</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Changes in net realizable value of agricultural produce after harvest</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,401</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,875</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,004</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,523</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,999</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Gross profit/(loss)&nbsp;&nbsp;from agricultural activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>30,546</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(26,248</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>32,647</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>97,334</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(22,529</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Margin on manufacturing and agricultural activities before operating expenses</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>208,231</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>126,798</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>148,195</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>225,787</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>52,799</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General and administrative expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(52,695</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(53,352</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(57,691</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(65,142</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(56,562</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Selling expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(78,864</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(68,069</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(58,602</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(59,404</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(52,528</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other operating income, net</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,977</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">49,650</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,097</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24,581</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,224</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share of loss of joint ventures</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(924</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(219</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Profit /(loss) from operations before financing and taxation</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>87,725</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>54,808</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>62,999</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>125,822</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(38,067</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,291</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,234</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,538</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,132</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,559</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance costs</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(86,472</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(98,916</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(66,654</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(62,341</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(39,496</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial results, net</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(79,181</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(91,682</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(55,116</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(53,209</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(22,937</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Profit / (Loss) before income tax</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8,544</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(36,874</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7,883</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>72,613</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(61,004</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income tax (expense) / benefit</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6,106</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,277</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,436</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(14,662</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,263</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Profit / (Loss) for the year from continuing operations</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,438</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(27,597</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13,319</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>57,951</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(44,741</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Profit / (Loss) for the year from discontinued operations (1)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,767</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(4,040</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(1,034</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(50</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Profit / (Loss) for the year</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,438</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(25,830</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>9,279</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>56,917</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(44,791</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Attributable to:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">

        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Equity holders of the parent</P></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,518</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(25,828</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,397</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">56,018</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(43,904</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-controlling interest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(80</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(118</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">899</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(887</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Earnings/(Loss) per share from continuing and discontinued operations attributable to the equity holders of the parent during the year:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Basic earnings per share</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">From continuing operations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.021</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.226</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.111</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.488</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.548</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">From discontinued operations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.014</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.034</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.009</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.001</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Diluted earnings per share</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">From continuing operations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.021</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.226</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.111</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.484</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.548</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">From discontinued operations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.014</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.034</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.009</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.001</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">(1)
Our joint venture (equity method) investment in La Lacteo,&nbsp;&nbsp;was disposed on June 2013 and it was reflected as Discontinued
operations.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="text-align: center; text-indent: 0pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>For
    the Year Ended December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2011</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2010</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash Flow Data:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 45%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net cash generated from operating activities</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">133,133</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">102,080</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">67,823</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">56,586</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60,221</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net cash used in investing activities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(313,454</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(161,536</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(300,215</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(140,493</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(111,725</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net cash generated from financing activities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">73,289</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">104,671</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">133,508</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">360,792</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">46,545</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Other Financial Data:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Segment EBITDA (unaudited)(2)</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 27pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Crops</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36,671</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36,720</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34,313</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">42,563</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33,613</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 27pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rice</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,198</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,902</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,943</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,652</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,121</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 27pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dairy</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,536</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,801</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,402</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,426</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,649</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 27pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All Other segments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">333</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,347</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,280</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,971</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,515</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 27pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Farming subtotal</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>59,738</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>60,770</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>41,134</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>58,612</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>44,898</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 27pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Ethanol, sugar and energy</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>153,532</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>115,239</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>97,505</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>109,507</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>51,735</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 27pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Land transformation</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>25,508</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>28,172</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>27,513</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8,832</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>20,837</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 27pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corporate</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(23,233</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(23,478</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(25,442</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(26,885</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(22,353</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Consolidated EBITDA</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>215,545</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>180,703</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>140,710</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>150,066</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>95,117</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Consists of two components: (i) the
    cost of our agricultural produce and/or biological assets sold as appropriate plus (ii) in the case of agricultural produce,
    the direct costs of selling, including but not limited to, transportation costs, export taxes and other levies. The cost of
    our agricultural produce sold represents the recognition as an expense of our agricultural produce held in inventory valued
    at net realizable value. The cost of our biological assets and/or agricultural produce sold at the point of harvest represents
    the recognition as an expense of our biological assets and/or agricultural produce measured at fair value less costs to sell,
    generally representing the applicable quoted market price at the time of sale. Accordingly, the line item &#147;Sales of
    agricultural produce and biological assets&#148; is equal to the line item &#147;Cost of agricultural produce plus direct
    agricultural selling expenses.&#148; See &#147;Item 5. Operating and Financial Review and Prospects&mdash;A. Operating Results&mdash;Critical
    Accounting Policies and Estimates&mdash;Biological Assets and Agricultural Produce.&#148;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">See &#147;Presentation of Financial
    and Other Information&#148; for the definitions of Adjusted Segment EBITDA and Adjusted Consolidated EBITDA and the reconciliation
    in the table below.</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="text-align: center; text-indent: 0pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>As
    of December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2011</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2010</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Statement of Financial Position Data</B>:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 45%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Biological assets</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">341,232</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">292,144</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">298,136</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">239,600</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">186,757</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Inventories</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">104,919</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">108,389</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">95,321</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">96,147</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">57,170</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Property, plant and equipment, net</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">776,905</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">790,520</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">880,897</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">759,696</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">751,992</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total assets</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,639,322</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,711,476</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,777,955</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,700,695</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,320,444</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-current borrowings</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">491,324</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">512,164</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">354,249</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">203,409</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">250,672</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total borrowings</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">698,506</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">660,131</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">539,133</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">360,705</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">389,472</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share Capital</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">183,573</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">183,573</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">183,331</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">180,800</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">120,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equity attributable to equity holders of the parent</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">762,796</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">854,304</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,025,978</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,079,876</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">708,532</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-controlling interest</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,589</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">65</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,993</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,570</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number of shares (1)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">122,382</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">122,382</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">122,221</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">120,533</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">80,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">After
giving effect to the Reorganization and related transactions.</FONT></TD></TR>
</TABLE>


<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following tables
show a reconciliation of Adjusted Segment EBITDA to our segments&#146; profit / (loss) from operations before financing and taxation,
the most directly comparable IFRS financial measure, and a reconciliation of Adjusted Consolidated EBITDA to our net profit (loss)
for the year, the most directly comparable IFRS financial measure.</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="34" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>As
    of December 31, 2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Crops</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Rice</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Dairy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;All other<FONT STYLE="font-family: Times New Roman, Times, Serif">
        </FONT></B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Farming</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Subtotal</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Sugar,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>and</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Land</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Trans-</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>formation</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Corporate</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="34" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: normal 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt;padding-left:9pt; text-indent:-9pt"><B>Adjusted Segment EBITDA (unaudited)</B></P>
        </TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Profit/(Loss) from</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 19%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operations Before Financing and Taxation</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34,745</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,937</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,112</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">477</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54,271</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">56,687</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(23,233</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">87,725</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Profit from discontinued operations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial recognition and changes in fair value of &#147;long term&#148; biological assets(l) (unrealized)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,127</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(542</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,669</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,325</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,656</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Segment EBIT (unaudited)(2)</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,926</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,261</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,551</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">398</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,136</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">82,520</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">89,656</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Reserve from the sale of non-controlling interests in subsidiaries&nbsp;&nbsp;(3)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,508</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,508</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Segment EBITDA (unaudited)(2)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>36,671</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>14,198</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8,536</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>333</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>59,738</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>153,532</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>25,508</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(23,233</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>215,545</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Reconciliation to Profit</B></P>
</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Profit for the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">2,438</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial recognition and changes in fair value of &#147;long term&#148; biological assets(l) (unrealized)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,656</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income tax expense</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,106</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest expense, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">47,847</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Foreign exchange, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,246</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other financial results, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22,088</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Reserve from the sale of non-controlling interests in subsidiaries (3)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,508</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Consolidated EBIT (unaudited)(2)</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>125,889</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation and amortization</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">89,656</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Consolidated EBITDA (unaudited)(2)</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>215,545</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Long-term biological assets are sugarcane,
    coffee, dairy and cattle.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>



<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">See &#147;Presentation of Financial
    and Other Information&#148; for the definitions of Adjusted Segment EBIT, Adjusted Consolidated EBIT, Adjusted Segment EBITDA
    and Adjusted Consolidated EBITDA.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">This corresponds to an equity line item
    in our balance sheet. See &#147;Presentation of Financial and Other Information&#148; for the definitions of Adjusted Segment
    EBIT, Adjusted Consolidated EBIT, Adjusted Segment EBITDA and Adjusted Consolidated EBITDA.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="34" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>As
    of December 31, 2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Crops</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Rice</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Dairy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>All other<FONT STYLE="font-family: Times New Roman, Times, Serif">
        </FONT></B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>segment</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Farming</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Subtotal</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Sugar,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>and</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Land</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Trans-</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>formation</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Corporate</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="34" NOWRAP STYLE="text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt;padding-left:9pt;text-indent:-9pt"><B>Adjusted Segment EBITDA (unaudited)</B></P>
        </TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Profit/(Loss) from</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 19%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operations Before Financing and Taxation</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34,549</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,171</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,714</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7,238</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">42,196</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,918</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28,172</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(23,478</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54,808</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Profit from discontinued operations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,767</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,767</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,767</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial recognition and changes in fair value of &#147;long term&#148; biological assets(l) (unrealized)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">234</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,121</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,355</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">47,341</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">55,696</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Segment EBIT (unaudited)(2)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>34,549</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8,171</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8,715</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>883</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>52,318</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>55,259</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>28,172</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(23,478</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>112,271</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,171</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,731</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,086</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">464</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,452</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">59,980</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">68,432</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Segment EBITDA (unaudited)(2)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>36,720</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>12,902</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>9,801</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,347</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>60,770</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>115,239</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>28,172</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(23,478</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>180,703</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Reconciliation to Profit</B></P>
        </TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loss for the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">(25,830</FONT></TD>
    <TD NOWRAP STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial recognition and changes in fair value of &#147;long term&#148; biological assets(l) (unrealized)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">55,696</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income tax benefit</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9,277</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest expense, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">42,367</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Foreign exchange, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21,087</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other financial results, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28,228</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Consolidated EBIT (unaudited)(2)</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>112,271</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation and amortization</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">68,432</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Consolidated EBITDA (unaudited)(2)</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>180,703</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Long-term biological assets are sugarcane,
    coffee, dairy and cattle.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>



<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">See &#147;Presentation of Financial
    and Other Information&#148; for the definitions of Adjusted Segment EBIT, Adjusted Consolidated EBIT, Adjusted Segment EBITDA
    and Adjusted Consolidated EBITDA.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="34" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>As
    of December 31, 2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Crops</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Rice</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Dairy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>All other<FONT STYLE="font-family: Times New Roman, Times, Serif">
        </FONT></B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Farming</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Subtotal</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Sugar,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>and</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Land</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Trans-</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>formation</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Corporate</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="34" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt;padding-left:9pt;text-indent:-9pt"><B>Adjusted Segment EBITDA (unaudited)</B></P>
        </TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Profit/(Loss) from</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 19%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operations Before Financing and Taxation</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,240</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,120</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">857</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">889</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,106</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,822</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,513</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(25,442</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">62,999</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss from discontinued operations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,040</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,040</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,040</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial recognition and changes in fair value of &#147;long term&#148; biological assets(l) (unrealized)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(115</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,615</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,500</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24,783</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,283</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Segment EBIT (unaudited)(2)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>32,240</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,120</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(3,298</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,504</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>33,566</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>50,605</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>27,513</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(25,442</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>86,242</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,073</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,823</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">896</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">776</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,568</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">46,900</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54,468</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Segment EBITDA (unaudited)(2)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>34,313</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4,943</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(2,402</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4,280</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>41,134</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>97,505</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>27,513</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(25,442</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>140,710</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Reconciliation to Profit</B></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Profit for the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,279</FONT></TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial recognition and changes in fair value of &#147;long term&#148; biological assets(l) (unrealized)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,283</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income tax benefit</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,436</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest expense, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,423</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Foreign exchange losses, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26,080</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other financial results, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,613</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Consolidated EBIT (unaudited)(2)</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>86,242</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation and amortization</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54,468</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Consolidated EBITDA (unaudited)(2)</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>140,710</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Long-term biological assets
    are sugarcane, coffee, dairy and cattle.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>


<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">See &#147;Presentation
    of Financial and Other Information&#148; for the definitions of Adjusted Segment EBIT, Adjusted Consolidated EBIT, Adjusted
    Segment EBITDA and Adjusted Consolidated EBITDA.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="34" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>As
    of December 31, 2011</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>All
                                         other<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT></B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Farming</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Subtotal</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Sugar,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>and</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Land</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Trans-</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>formation</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Corporate</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="34" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt;padding-left: 9pt;text-indent:-9pt"><B>Adjusted Segment EBITDA (unaudited)</B></P>
        </TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Profit/(Loss) from</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 19%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operations Before Financing and Taxation</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">41,094</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,547</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,363</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,821</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">53,825</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">90,050</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,832</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(26,885</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">125,822</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss from discontinued operations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,034</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,034</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,034</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial recognition and changes in fair value of &#147;long term&#148; biological assets(l) (unrealized)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,503</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,394</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(109</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8,797</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8,906</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Segment EBIT (unaudited)(2)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>41,094</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,547</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,826</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,215</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>52,682</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>81,253</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8,832</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(26,885</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>115,882</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,469</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,105</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">600</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">756</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,930</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28,254</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34,184</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Segment EBITDA (unaudited)(2)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>42,563</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6,652</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,426</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,971</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>58,612</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>109,507</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8,832</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(26,885</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>150,066</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Reconciliation to Profit</B></P>
        </TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Profit for the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">56,917</FONT></TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial recognition and changes in fair value of &#147;long term&#148; biological assets(l) (unrealized)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8,906</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income tax expense</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,662</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest expense, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,998</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Foreign exchange, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,683</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other financial results, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,528</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Consolidated EBIT (unaudited)(2)</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>115,882</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation and amortization</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34,184</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Consolidated EBITDA (unaudited)(2)</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>150,066</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Long-term biological assets are sugarcane,
    coffee, dairy and cattle.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">See &#147;Presentation of Financial
    and Other Information&#148; for the definitions of Adjusted Segment EBIT, Adjusted Consolidated EBIT, Adjusted Segment EBITDA
    and Adjusted Consolidated EBITDA.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="34" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>As
    of December 31, 2010</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Crops</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Rice</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Dairy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>All other<FONT STYLE="font-family: Times New Roman, Times, Serif">
        </FONT></B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Farming</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Subtotal</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Sugar,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>and</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Land</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Trans-</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>formation</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Corporate</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="34" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt;padding-left:9pt;text-indent:-9pt"><B>Adjusted Segment EBITDA (unaudited)</B></P>
        </TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Profit/(Loss) from</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 19%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operations Before Financing and Taxation</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,902</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,041</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,886</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,753</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">41,076</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(77,627</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20,837</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(22,353</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(38,067</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss from discontinued operations</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(50</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(50</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(50</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial recognition and changes in fair value of &#147;long term&#148; biological assets(l) (unrealized)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,610</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,486</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,124</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">96,795</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">95,671</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Segment EBIT (unaudited)(2)</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>31,902</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,041</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,226</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>733</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>39,902</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>19,168</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>20,837</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(22,353</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>57,554</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,711</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,080</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">423</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">782</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,996</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,567</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37,563</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Segment EBITDA (unaudited)(2)</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>33,613</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7,121</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,649</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,515</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>44,898</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>51,735</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>20,837</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(22,353</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>95,117</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Reconciliation to (Loss)</B></P>
        </TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">(Loss) for the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(44,791</FONT> </TD>
    <TD NOWRAP STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial recognition and changes in fair value of &#147;long term&#148; biological assets(l) (unrealized)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">95,671</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income tax benefit</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(16,263</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest expense, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33,028</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Foreign exchange gains, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7,324</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other financial results, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,767</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Consolidated EBIT (unaudited)(2)</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>57,554</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation and amortization</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37,563</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjusted Consolidated EBITDA (unaudited)(2)</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>95,117</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Long-term biological assets are sugarcane,
    coffee, dairy and cattle.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>



<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">See &#147;Presentation of Financial
    and Other Information&#148; for the definitions of Adjusted Segment EBIT, Adjusted Consolidated EBIT, Adjusted Segment EBITDA
    and Adjusted Consolidated EBITDA.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>B.</B></FONT></TD>
    <TD STYLE="text-align: justify"><A NAME="a008v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CAPITALIZATION AND INDEBTEDNESS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Not Applicable.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>C.</B></FONT></TD>
    <TD STYLE="text-align: justify"><A NAME="a009v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>REASONS FOR THE OFFER AND USE OF PROCEEDS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Not Applicable.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>D.</B></FONT></TD>
    <TD STYLE="text-align: justify"><A NAME="a010v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RISK FACTORS</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Investing in our
common shares involves a high degree of risk. Before making an investment decision, you should carefully consider the information
contained in this annual report, particularly the risks described below, as well as in our Consolidated Financial Statements and
accompanying notes. Our business activities, cash flow, financial condition and results of operations could be materially and adversely
affected by any of these risks. The market price of our common shares may decrease due to any of these risks or other factors,
and you may lose all or part of your investment. The risks described below are those that we currently believe may materially affect
us.</I></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Risks Related to Our
Business and Industries</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Unpredictable weather
conditions, pest infestations and diseases may have an</I></B> <B><I>adverse impact on agricultural production and may reduce the
volume and sucrose</I></B> <B><I>content of sugarcane that we can cultivate and purchase in a given harvest.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The occurrence of severe
adverse weather conditions, especially droughts, hail, floods or frost or diseases are unpredictable and may have a potentially
devastating impact on agricultural production and may otherwise adversely affect the supply and price of the agricultural commodities
that we sell and use in our business. Adverse weather conditions may be exacerbated by the effects of climate change. The effects
of severe adverse weather conditions may reduce yields of our agricultural activities. Additionally, higher than average temperatures
and rainfall can contribute to an increased presence of pest and insects that may adversely impact our agricultural production.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We experienced drought
conditions during the first half of 2013 in the countries where we operate, which resulted in a reduction of approximately 21%
to 31% in our yields for the 2012/2013 harvest, for corn and soybean, compared with our historical averages. The actual yields
following the drought generated a decrease in Initial Recognition and Changes in Fair Value of Biological Assets and Agricultural
Produce in respect of corn, soybean and the remaining crops of $5.9 million, $16.6 million and $2.7 million, respectively, for
the year ended December 31, 2013. See &#147; See Item 5 - Operating and Financial Review and Prospects - Trends and Factors Affecting
Our Results of Operations - (i) Effects of Yield Fluctuations.&#148;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The occurrence and effects
of disease and plagues can be unpredictable and devastating to agricultural products, potentially rendering all or a substantial
portion of the affected harvests unsuitable for sale. Our agricultural products are also susceptible to fungus and bacteria that
are associated with excessively moist conditions. Even when only a portion of the production is damaged, our results of operations
could be adversely affected because all or a substantial portion of the production costs have been incurred. Although some diseases
are treatable, the cost of treatment is high, and we cannot assure you that such events in the future will not adversely affect
our operating results and financial condition. Furthermore, if we fail to control a given plague or disease and our production
is threatened, we may be unable to supply our main customers, which could affect our results of operations and financial condition.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our sugar production
depends on the volume and sucrose content of the sugarcane that we cultivate or that is supplied to us by growers located in the
vicinity of our mills. Both sugarcane yields and sucrose content depend primarily on weather conditions such as rainfall and temperature,
which vary. Weather conditions have historically caused volatility in the ethanol and sugar industries. Future weather patterns
may reduce the amount of sugarcane that we can harvest or purchase, or the sucrose content in such sugarcane, and, consequently,
the amount of sugar we can recover in any given harvest. Any reduction in the volume of sugar recovered could have a material adverse
effect on our operating results and financial condition.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As a result, we cannot
assure you that future severe adverse weather conditions or pest infestations will not adversely affect our operating results and
financial condition.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Fluctuation in market
prices for our products could adversely affect our</I></B> <B><I>financial condition and results of operations.</I></B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Prices for agricultural
products and by-products, including, among others, sugar, ethanol, and grains, like those of other commodities, have historically
been cyclical and sensitive to domestic and international changes in supply and demand and can be expected to fluctuate significantly.
In addition, the agricultural products and by-products we produce are traded on commodities and futures exchanges and thus are
subject to speculative trading, which may adversely affect us. The prices that we are able to obtain for our agricultural products
and by-products depend on many factors beyond our control including:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 92%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">prevailing world commodity prices, which historically have been subject to significant fluctuations over relatively short periods of time, depending on worldwide demand and supply;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">changes in the agricultural subsidy levels of certain important producers (mainly the U.S. and the European Union (&#147;E.U.&#148;) and the adoption of other government policies affecting industry market conditions and prices;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">changes to trade barriers of certain important consumer markets (including China, India, the U.S. and the E.U.) and the adoption of other governmental policies affecting industry market conditions and prices;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">changes in government policies for biofuels;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">world inventory levels, i.e., the supply of commodities carried over from year to year;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">climatic conditions and natural disasters in areas where agricultural products are cultivated;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the production capacity of our competitors; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">demand for and supply of competing commodities and substitutes.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For example, we reported
a $71 million loss in 2014 compared to a $23 million loss for 2012 for our sugarcane business segment in the line item &#147;Initial
recognition and Changes in Fair Value of Biological Assets and Agricultural Produce&#148;. This loss was generated mainly by a
decrease in price estimates used in the discounted cash flow (&#147;DCF&#148;) model to determine the fair value of our sugarcane
plantations. In the DCF model, the price of future harvested sugarcane is calculated based on estimates of sugar price derived
from the No. 11 futures contract (&#147;NY11&#148;) quoted on the ICE-NY. Sugar price estimates decreased due to lower sugar
market prices. See &#147;Item 5. Operating and Financial Review and Prospects&mdash;A. Operating Results&mdash;Year ended December
31, 2014 as compared to year ended December 31, 2013.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Further, because we
may not hedge 100% of the price risk of our agricultural products, we may be unable to have minimum price guarantees for all of
our production and are, therefore, exposed to risks associated with the prices of agricultural products and their volatility. We
are subject to fluctuations in prices of agricultural products that could result in our receiving lower prices for our agricultural
products than our production costs.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition, there is
a strong relationship between the value of our land holdings and market prices of the commodities we produce, which are affected
by global economic conditions. A decline in the prices of grains, sugar, ethanol, or related by-products below their current levels
for a sustained period of time could significantly reduce the value of our land holdings and materially and adversely affect our
financial condition and results of operations.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Ethanol prices are
correlated to the price of sugar and are becoming closely</I></B> <B><I>correlated to the price of oil, so that a decline in the
price of sugar will</I></B> <B><I>adversely affect both our ethanol and sugar businesses, and a decline in the</I></B> <B><I>price
of oil may adversely affect our ethanol business.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A vast majority of ethanol
in Brazil is produced at sugarcane mills that produce both ethanol and sugar. Because sugarcane millers are able to alter their
product mix in response to the relative prices of ethanol and sugar, this results in the prices of both products being directly
correlated, and the correlation between ethanol and sugar may increase over time. In addition, sugar prices in Brazil are determined
by prices in the world market, resulting in a correlation between Brazilian ethanol prices and world sugar prices.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Because flex-fuel vehicles,
which have become popular in Brazil, allow consumers to choose between gasoline and ethanol at the pump rather than in the showroom,
ethanol prices are now becoming increasingly correlated to gasoline prices and, consequently, oil prices. We believe that the correlation
among the three products will increase over time. Accordingly, a decline in sugar prices would have an adverse effect on the financial
performance of our ethanol and sugar businesses, and a decline in oil prices might have an adverse effect on our ethanol business.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>The expansion of our
business through acquisitions poses risks that may reduce</I></B> <B><I>the benefits we anticipate from these transactions.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As part of our business
strategy, we have grown through acquisitions. We plan to continue growing by acquiring other farms and production facilities throughout
South America. We believe that the agricultural industry and agricultural activity in the region are highly fragmented and that
our future consolidation opportunities will continue to be significant to our growth. However, our management is unable to predict
whether or when any prospective acquisitions or strategic alliances will occur, or the likelihood of a certain transaction being
completed on favorable terms and conditions. In addition, we are unable to predict the effect that changes in Argentine or Brazilian
legislation regarding foreign ownership of rural properties could have in our business. See &#147;&mdash;Risks Related to Argentina&mdash;
Argentine law concerning foreign ownership of rural properties may adversely affect our results of operations and future investments
in rural properties in Argentina&#148; and &#147;&mdash;Risks Related to Brazil&mdash; Recent changes in Brazilian rules concerning
foreign investment in rural properties may adversely affect our investments.&#148; Our ability to continue to expand our business
successfully through acquisitions depends on many factors, including our ability to identify acquisitions or access capital markets
at an acceptable cost and negotiate favorable transaction terms. Even if we are able to identify acquisition targets and obtain
the necessary financing to make these acquisitions, we could financially overextend ourselves, especially if an acquisition is
followed by a period of lower than projected prices for our products.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Acquisitions also expose
us to the risk of successor liability relating to actions involving an acquired company, its management or contingent liabilities
incurred before the acquisition. The due diligence we conduct in connection with an acquisition, and any contractual guarantees
or indemnities that we receive from the sellers of acquired companies, may not be sufficient to protect us from, or compensate
us for, actual liabilities. Any material liability associated with an acquisition could adversely affect our reputation and results
of operations and reduce the benefits of the acquisition.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">To support the acquisitions
we hope to make, we may need to implement new or upgraded strategies, systems, procedures and controls for our operations and will
face risks, including diversion of management time and focus and challenges associated with integrating new managers and employees.
Our failure to integrate new businesses successfully could adversely affect our business and financial performance.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Adverse conditions
may create delays in or the suspension of the construction of our Ivinhema mill and/or significantly increase the amount of our
expected investments.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As part of our strategy
to increase our production and increase our competitiveness through economies of scale, during 2012 we began the construction of
the Ivinhema mill in Mato Grosso do Sul, increasing nominal crushing capacity by 5.0 million. The construction of Ivinhema was
performed in two phases: phase I, of 2.0 million tons of crushing capacity was completed during March 2014; while the construction
of phase II, with 3.0 million tons of crushing capacity, commenced during March 2014, and as of the date of this report is essentially
complete. Assembly and commissioning of minor equipments will continue until the end of May 2015. See &#147;Item 4. Information
on the Company&mdash;B. Business Overview.&#148;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On January 2, 2014,
we entered into a syndicated loan with ING and Rabobank in an amount equal to USD $160.0 million, with a 4-year tenor, a 1.5 year
grace period and bearing an interest rate of 3-month LIBOR +4.40%. The loan was collected throughout the first quarter of 2015
to finance the final tranche of the expansion of the Ivinhema mill and roll over of debt maturing during the year.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The completion of the
Ivinhema project involves various risks, including engineering, construction and regulatory risks, such as obtaining necessary
permits and licenses as well as other significant challenges that can suspend the construction of the Ivinhema mill, hinder or
delay the project&#146;s scheduled completion date and successful operation or that can result in significant cost increases as
well as foreign exchange risks associated with incurring costs in Brazilian Reais. In addition, the Ivinhema mill may not operate
at projected capacity or may incur higher operating costs than estimated, and we may not be able to sell the ethanol and sugar
produced by the Ivinhema mill at competitive prices. If (i) construction is delayed or suspended, (ii) we are required to invest
more than the budgeted amount to complete the project, (iii) we fail to operate the mill or operate it at a lower capacity than
we anticipate or (iv) we are unable to sell all of the ethanol and sugar produced by the mill, our results of operations and financial
condition will be materially adversely affected.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>A significant increase
in the price of raw materials we use in our operations,</I></B> <B><I>or the shortage of such raw materials, could adversely affect
our results of</I></B> <B><I>operations.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our production process
requires various raw materials, including primarily fertilizer, pesticides and seeds, which we acquire from local and international
suppliers. We do not have long-term supply contracts for most of these raw materials. A significant increase in the cost of these
raw materials, especially fertilizer and agrochemicals, a shortage of raw materials or the unavailability of these raw materials
entirely could reduce our profit margin, reduce our production and/or interrupt the production of some of our products, in all
cases adversely affecting the results of our operations and our financial condition.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For example, we rely
on fertilizers and agrochemicals, many of which are petro-chemical based. For the year ended December 31, 2014, in our Farming
business, fertilizers and agrochemicals constituted approximately 24% of our cost of production for the 2013/2014 harvest year.
In our Sugar, Ethanol and Energy business, fertilizers and agrochemicals constituted 10% of our cost of production for 2014. On
a consolidated basis, fertilizers and agrochemicals constituted 15% of our cost of production for 2014. Worldwide production of
agricultural products has increased significantly in recent years, increasing the demand for agrochemicals and fertilizers. This
has resulted, among other things, in increased prices for agrochemicals and fertilizers.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Increased energy prices
and frequent interruptions of energy supply could</I></B> <B><I>adversely affect our business.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We require substantial
amounts of fuel oil and other resources for our harvest activities and transport of our agricultural products. For the year ended
December 31, 2014, fuel constituted 10% of the cost of production of our Farming business during the 2013/2014 harvest year. In
our Sugar, Ethanol and Energy business, fuel constituted 11% of our cost of production for 2014. On a consolidated basis, fuel
constituted 11% of our cost of production for 2014. We rely upon third parties for our supply of energy resources used in our operations.
The prices for and availability of energy resources may be subject to change or curtailment, respectively, due to, among other
things, new laws or regulations, imposition of new taxes or tariffs, interruptions in production by suppliers, imposition of restrictions
on energy supply by government, worldwide price levels and market conditions. Over the last few years, the Argentine government
has taken certain measures in order to reduce the use of energy during peak months of the year by frequently cutting energy supply
to industrial facilities and large consumers to ensure adequate supply for residential buildings. For example, certain of our industrial
facilities have been subject to a quota system whereby electricity cuts occur on a work shift basis, resulting in our facilities
being shut down during certain work shifts. While some of our facilities utilize different sources of energy, such as firewood
and liquefied natural gas, and have attempted to stock their required supplies ahead of higher demand periods, we cannot assure
you that we will be able to procure the required energy inputs at acceptable prices. If energy supply is cut for an extended period
of time and we are unable to find replacement sources at comparable prices, or at all, our business and results of operations could
be adversely affected.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>We depend on international
trade and economic and other conditions in key</I></B> <B><I>export markets for our products.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our operating results
depend largely on economic conditions and regulatory policies for our products in major export markets. The ability of our products
to compete effectively in these export markets may be adversely affected by a number of factors that are beyond our control, including
the deterioration of macroeconomic conditions, volatility of exchange rates, the imposition of greater tariffs or other trade barriers
or other factors in those markets, such as regulations relating to chemical content of products and safety requirements. The European
Union limits the import of genetically modified organisms, or &#147;GMOs.&#148; See &#147;some of the agricultural commodities
and food products that we produce contain genetically modified organisms.&#148;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Due to the growing participation
in the worldwide agricultural commodities markets by commodities produced in South America, South American growers, including us,
are increasingly affected by the measures taken by importing countries in order to protect their local producers. Measures such
as the limitation on imports adopted in a particular country or region may affect the sector&#146;s export volume significantly
and, consequently, our operating results.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">If the sale of our products
into a particular importing country is adversely affected by trade barriers or by any of the factors mentioned above, the relocation
of our products to other consumers on terms equally favorable could be impaired, and our business, financial condition and operating
results may be adversely affected.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>A worldwide economic
downturn could weaken demand for our products or lower prices.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The demand for the products
we sell may be affected by international, national and local economic conditions. Adverse changes in the perceived or actual economic
climate, such as higher fuel prices, higher interest rates, stock and real estate market declines and/or volatility, more restrictive
credit markets, higher taxes, and changes in governmental policies could reduce the level of demand or prices of the products we
produce. We cannot predict the duration or magnitude of this downturn or the timing or strength of economic recovery. If the downturn
continues for an extended period of time or worsens, we could experience a prolonged period of decreased demand and price. In addition,
the economic downturn has and may continue to adversely impact our suppliers, which can result in disruptions in goods and services
and financial losses.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Our business is seasonal,
and our results may fluctuate significantly</I></B> <B><I>depending on the growing cycle of our crops.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As with any agricultural
business enterprise, our business operations are predominantly seasonal in nature. The harvest of corn, soybean and rice generally
occurs from January to May. Wheat is harvested from December to January. Cotton is harvested from June to August, but requires
processing which takes approximately two to three months. Our operations and sales are affected by the growing cycle of our crops
process and the timing of our harvest sales. In addition, our sugar and ethanol business is subject to seasonal trends based on
the sugarcane growing cycle in the center-south region of Brazil. The annual sugarcane harvesting period in the center-south region
of Brazil begins in March/April and ends in November/December. This creates fluctuations in our inventory, usually peaking in December
to cover sales between crop harvests (i.e., January through April), and a degree of seasonality in our gross profit. Seasonality
could have a material adverse effect on our business and financial performance. In addition, our quarterly results may vary as
a result of the effects of fluctuations in commodities prices, production yields and costs. Therefore, our results of operations
have varied significantly from period to period and are likely to continue to vary, due to seasonal factors.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Our dairy cattle are
vulnerable to diseases.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Diseases among our dairy
cattle herds, such as mastitis, tuberculosis, brucellosis and foot-and-mouth disease, can have an adverse effect on the productivity
of our dairy cows. Outbreaks of cattle diseases may also result in the closure of certain important markets to our cattle-derived
products. Although we abide by national veterinary health guidelines, including laboratory analyses and vaccination, to control
diseases among our herds, especially foot-and-mouth disease, we cannot assure you that future outbreaks will not occur. A future
outbreak of diseases among our cattle herds could adversely affect our milk sales and operating results and financial condition.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Our current insurance
coverage may not be sufficient to cover our potential</I></B> <B><I>losses.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our production is, in
general, subject to different risks and hazards, including adverse weather conditions, fires, diseases and pest infestations, other
natural phenomena, industrial accidents, labor disputes, changes in the legal and regulatory framework applicable to us, environmental
contingencies and other natural phenomena. Our insurance currently covers only part of the losses we may incur and does not cover
losses on crops due to hail storms, fires or similar risks. Furthermore, although we maintain insurance at levels that are customary
in our industry, certain types of risks may not be covered by the policies we have for our industrial facilities. Additionally,
we cannot guarantee that the indemnification paid by the insurer due to the occurrence of a casualty covered by our policies will
be sufficient to entirely compensate us for the damages suffered. Moreover, we may not be able to maintain or obtain insurance
of the type and amount desired at reasonable costs. If we were to incur significant liability for which we were not fully insured,
it could have a materially adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>A reduction in market
demand for ethanol or a change in governmental policies</I></B> <B><I>reducing the amount of ethanol required to be added to gasoline
may adversely</I></B> <B><I>affect our business.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Government authorities
of several countries, including Brazil and certain states of the United States, currently require the use of ethanol as an additive
to gasoline. Commencing on April, 2015, the Sugar and Alcohol Interministerial Council of Brazil (Conselho Interministerial do
A&ccedil;&uacute;car e &Aacute;lcool) increased the required blend of anhydrous ethanol to gasoline from 25% to 27%. The increase
on the ethanol blend rate will create an additional demand for anhydrous ethanol in the order of approximately 800 thousand cubic
meters of anhydrous per year.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Approximately 40% of
all fuel ethanol in Brazil is consumed in the form of anhydrous ethanol blended with gasoline; the remaining 60% of fuel ethanol
is consumed in the form of hydrous ethanol, which is mostly used to power flex-fuel vehicles. Flex-fuel vehicles have the flexibility
to run either on gasoline (blended with anhydrous ethanol) or hydrous ethanol. In the United States, almost all gasoline sold contains
10% ethanol. The European Union aims for 10% of the energy used in the transport sector to derive from renewable energy sources
by 2020, without specific targets for certain renewable energy sources and without intermediate targets, to be determined by each
Member State. As an example, in Sweden the ethanol blending ratio is 5%, which is the same mandate for other non-European countries,
such as Argentina, Canada and India. Other countries such as Colombia, South Africa, Thailand and China have a 10% biofuel blending
mandate. In addition, flex-fuel vehicles in Brazil are entitled to a tax benefit in the form of a lower tax rate on manufactured
products (Imposto sobre Produtos Industrializados) and therefore are currently taxed at lower levels than gasoline-only vehicles,
which has contributed to the increase in production and sale of flex-fuel vehicles. Many of these policies and incentives stem
from, and are mostly driven by, climate change concerns and the positive perceptions regarding the use of ethanol as a solution
to the climate change problem. If such concerns or perception were to change, the legal framework and incentive structure promoting
the use of ethanol may change, leading to a reduction in the demand for ethanol. In addition, any reduction in the percentage of
ethanol required in fuel blended with gasoline or increase in the levels at which flex-fuel vehicles are taxed in Brazil, or any
growth in the demand for natural gas and other fuels as an alternative to ethanol, lower gasoline prices or an increase in gasoline
consumption (versus ethanol), may cause demand for ethanol to decline and affect our business.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Growth in the sale
and distribution of ethanol depends in part on</I></B> <B><I>infrastructure improvements, which may not occur on a timely basis,
if at all.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In contrast to the well-established
logistical operations and infrastructure supporting sugar exports, ethanol exports inherently demand much more complex preparation
and means of distribution, including outlets from our facilities to ports and shipping to other countries. Substantial infrastructure
development by persons and entities outside our control is required for our operations, and the ethanol industry generally, to
grow. Areas requiring expansion include, but are not limited to, additional rail capacity, additional storage facilities for ethanol,
increases in truck fleets capable of transporting ethanol within localized markets, expansion of refining and blending facilities
to handle ethanol, growth in service stations equipped to handle ethanol fuels, and growth in the fleet of flex-fuel vehicles.
Specifically, with respect to ethanol exports, improvements in consumer markets abroad are needed in the number and capacity of
ethanol blending industrial plants, the distribution channels of gasoline-ethanol blends and the chains of distribution stations
capable of handling fuel ethanol as an additive to gasoline. Substantial investments required for these infrastructure changes
and expansions may not be made or they may not be made on a timely basis. Any delay or failure in making the changes in or expansion
of infrastructure may hurt the demand for or prices of our products, prevent our products&#146; delivery, impose additional costs
on us or otherwise have a serious adverse effect on our business, operating results or financial status. Our business relies on
the continuing availability of infrastructure for ethanol production, storage and distribution, and any infrastructure disruptions
may have a material adverse effect on our business, financial condition and operating results.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>We may be harmed by
competition from alternative fuels, products and production</I></B> <B><I>methods.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Ethanol competes in
the biofuel market with other, established fuels such as biodiesel, as well as fuels that are still in the development phase, including
methanol and butanol from biomass. Alternative fuels could become more successful than ethanol in the biofuels market over the
medium or long term due to, for example, lower production costs, greater environmental benefits or other more favorable product
characteristics. In addition, alternative fuels may also benefit from tax incentives or other more favorable governmental policies
than those that apply to ethanol. Furthermore, our success depends on early identification of new developments relating to products
and production methods and continuous improvement of existing expertise in order to ensure that our product range keeps pace with
technological change. Competitors may gain an advantage over us by, for example, developing or using new products and production
methods, introducing new products to the market sooner than we do, or securing exclusive rights to new technologies, thereby significantly
harming our competitive position.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>A substantial portion
of our assets is farmland that is highly illiquid.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We have been successful
in partially rotating and monetizing a portion of our investments in farmland. During the last thirteen years, we have executed
transactions for the purchase and disposition of land for over $652 million. Ownership of a significant portion of the land we
operate is a key part of our business model. However, agricultural real estate is generally an illiquid asset. Moreover, the adoption
of laws and regulations that impose limitations on ownership of rural land by foreigners in the jurisdictions in which we operate
may also limit the liquidity of our farmland holdings. See &#147;&mdash;Risks Related to Argentina&mdash;Argentine law concerning
foreign ownership of rural properties may adversely affect our results of operations and future investments in rural properties
in Argentina&#148; and &#147;&mdash;Risks Related to Brazil&mdash; Recent changes in Brazilian rules concerning foreign investment
in rural properties may adversely affect our investments.&#148; As a result, it is unlikely that we will be able to adjust our
owned agricultural real estate portfolio promptly in response to changes in economic, business or regulatory conditions. Illiquidity
in local market conditions may adversely affect our ability to complete dispositions, to receive proceeds generated from any such
sales or to repatriate any such proceeds.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>We have entered into
agriculture partnership agreements in respect of a significant portion of</I></B> <B><I>our sugarcane plantations.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31, 2014,
approximately 93% of our sugarcane plantations were leased through agriculture partnership agreements, for periods of an average
of six to twelve years. We cannot guarantee that these agriculture partnerships will be renewed after their respective terms. Even
if we are able to renew these agreements, we cannot guarantee that such renewals will be on terms and conditions satisfactory to
us. Any failure to renew the agriculture partnerships or obtain land suitable for sugarcane planting in sufficient quantity and
at reasonable prices to develop our activities could adversely affect our results of operations, increase our costs or force us
to seek alternative properties, which may not be available or be available only at higher prices.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>We may be subject
to labor disputes from time to time that may adversely affect</I></B> <B><I>us.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our employees are represented
by unions or equivalent bodies and are covered by collective bargaining or similar agreements which are subject to periodic renegotiation.
We may not successfully conclude our labor negotiations on satisfactory terms, which may result in a significant increase in the
cost of labor or may result in work stoppages or labor disturbances that disrupt our operations. Cost increases, work stoppages
or disturbances that result in substantial amounts of raw product not being processed could have a material and adverse effect
on our business, results of operations and financial condition.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>We may not possess
all of the permits and licenses required to operate our business, or we may fail to, renew or maintain the licenses and permits
we currently hold. This could subject us to fines and other penalties, which could materially adversely affect our results of operations.</I></B></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We are required to hold
a variety of permits and licenses to conduct our farming and industrial operations, including but not limited to permits and licenses
concerning land development, agricultural and harvesting activities, seed production, labor standards, occupational health and
safety, land use, water use and other matters. We may not possess all of the permits and licenses required for each of our business
segments. In addition, the approvals, permits or licenses required by governmental agencies may change without substantial advance
notice, and we could fail to obtain the approvals, permits or licenses required to expand our business. If we fail to obtain or
to maintain such permits or licenses, or if renewals are granted with onerous conditions, we could be subject to fines and other
penalties and be limited in the number or the quality of the products that we could offer. As a result, our business, results of
operations and financial condition could be adversely affected.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>We are subject to
extensive environmental regulation, and concerns regarding</I></B> <B><I>climate change may subject us to even stricter environmental
regulations.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our activities are subject
to a broad set of laws and regulations relating to the protection of the environment. Such laws include compulsory maintenance
of certain preserved areas within our properties, management of pesticides and associated hazardous waste and the acquisition of
permits for water use and effluents disposal. In addition, the storage and processing of our products may create hazardous conditions.
We could be exposed to criminal and administrative penalties in addition to the obligation to remedy the adverse affects of our
operations on the environment and to indemnify third parties for damages. Environmental laws and their enforcement are becoming
more stringent in Argentina and Brazil increasing the risk of and penalties associated with violations, which could impair or suspend
our operations or projects and our operations expose us to potentially adverse environmental legislation and regulation. Failure
to comply with past, present or future laws could result in the imposition of fines, third party claims, and investigation by environmental
authorities and the relevant public attorney office. For example, the perceived effects of climate change may result in additional
legal and regulatory requirements to reduce or mitigate the effects of our industrial facilities&#146; emissions. Such requirements,
if enacted, could increase our capital expenditures and expenses for environmental compliance in the future, which may have a material
and adverse effect on our business, results of operations and financial condition. Moreover, the denial of any permit that we have
requested, or the revocation of any of the permits that we have already obtained, may have an adverse effect on our results of
operations.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Some of the agricultural
commodities and food products that we produce contain</I></B> <B><I>genetically modified organisms.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our soybean, corn and
cotton products contain GMOs in varying proportions depending on the year and the country of production. The use of GMOs in food
has been met with varying degrees of acceptance in the markets in which we operate. The United States, Argentina and Brazil, for
example, have approved the use of GMOs in food products, and GMO and non-GMO grain in those countries is produced and frequently
commingled during the grain origination process. Elsewhere, adverse publicity about genetically modified food has led to governmental
regulation limiting sales of GMO products in some of the markets in which our customers sell our products, including the European
Union. It is possible that new restrictions on GMO products will be imposed in major markets for some of our products or that our
customers will decide to purchase fewer GMO products or not buy GMO products at all, which could have a material adverse effect
on our business, results of operations, financial condition or prospects.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>If our products become
contaminated, we may be subject to product liability</I></B> <B><I>claims, product recalls and restrictions on exports that would
adversely affect</I></B> <B><I>our business.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The sale of food products
for human consumption involves the risk of injury to consumers. These injuries may result from tampering by third parties, bioterrorism,
product contamination or spoilage, including the presence of bacteria, pathogens, foreign objects, substances, chemicals, other
agents, or residues introduced during the growing, storage, handling or transportation phases.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We cannot be sure that
consumption of our products will not cause a health-related illness in the future or that we will not be subject to claims or lawsuits
relating to such matters. Even if a product liability claim is unsuccessful or is not fully pursued, the negative publicity surrounding
any assertion that our products caused illness or injury could adversely affect our reputation with existing and potential customers
and our corporate and brand image, and we could also incur significant legal expenses. Moreover, claims or liabilities of this
nature might not be covered by any rights of indemnity or contribution that we may have against others, which could have a material
adverse effect on our business, results of operations or financial condition.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Our principal shareholders
have the ability to direct our business and affairs,</I></B> <B><I>and their interests could conflict with yours</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of the date of this
annual report, our principal shareholders were the beneficial owners of approximately 46.0% of our total shares outstanding.&nbsp;&nbsp;As
a result of this significant influence over us, our principal shareholders may be able to elect a majority of the members of our
board of directors, direct our management and determine the result of substantially all resolutions that require shareholders&#146;
approval, including fundamental corporate transactions and the payment of dividends by us. The interests of our principal shareholders
may differ from, and could conflict with, those of our other shareholders.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>IFRS accounting standards
related to biological assets require us to make numerous estimates in the preparation of our financial statements and therefore
limit the comparability of our financial statements to similar issuers using U.S. GAAP</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">IAS 41 &#147;Biological
Assets&#148; requires that we measure our biological assets and agriculture produce at the point of harvest at fair value. Therefore,
we are required to make assumptions and estimates relating to, among other things, future agricultural commodity yields, prices,
and production costs extrapolated through a discounted cash flow method. For example, the value of our biological assets with a
production cycle lasting more than one year (i.e., sugarcane, dairy and our all other segment) generated initial recognition and
changes in fair value of biological assets amounting to a $21.7 million loss in 2014, a $71.8 million loss in 2013 and $25.3 million
loss in 2012. The assumptions and estimates used to determine the fair value of biological assets, and any changes to such prior
estimates, directly affect our reported results of operations. If actual market conditions differ from our estimates and assumptions,
there could be material adjustments to our results of operations. In addition, the use of such discounted cash flow method utilizing
these future estimated metrics differs from generally accepted accounting principles in the United States (&#147;U.S. GAAP&#148;).
As a result, our financial statements and reported earnings are not directly comparable to those of similar companies in the United
States.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Certain of our subsidiaries
have substantial indebtedness which could impair</I></B> <B><I>their financial condition and decrease the amount of dividends we
receive.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Certain of our subsidiaries
in Argentina and Brazil have a substantial amount of debt, which requires significant principal and interest payments. As of December
31, 2014, we had $698.5 million of debt outstanding on a consolidated basis, all of which was incurred by our subsidiaries and
not guaranteed by Adecoagro. Such indebtedness could affect our subsidiaries&#146; future operations, for example, by requiring
a substantial portion of their cash flows from operations to be dedicated to the payment of principal and interest on indebtedness
instead of funding working capital and capital improvements and other investments. The substantial amount of debt incurred by our
subsidiaries also imposes significant debt obligations, increasing their cost of borrowing to satisfy business needs and limiting
their ability to obtain additional financing.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The substantial level
of indebtedness borne by certain of our subsidiaries also affects the amount of cash available to them to pay as dividends, increasing
our vulnerability to economic downturns or other adverse developments relative to competitors with less leverage; and limiting
our ability to obtain additional financing on their behalf for working capital, capital expenditures, acquisitions or other corporate
purposes in the future. Moreover, by reducing the level of dividends we may receive, such indebtedness places limits on our ability
to make acquisitions or needed capital expenditures or to pay dividends to our shareholders. See &#147;Item 5. &ndash; Operating
and Financial Review and Prospects &ndash; Liquidity and Capital Resources&mdash;Indebtedness and Financial Instruments&#148;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 9pt; font: 10pt Times New Roman, Times, Serif"><B><I>The terms
of the indebtedness of, and past breaches of financial ratio covenants by, certain of our subsidiaries impose significant restrictions
on their operating and financial flexibility.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The debt instruments
of some of our subsidiaries contain customary covenants including limitations on their ability to, among other things, incur or
guarantee additional indebtedness; make restricted payments, including dividends and prepaying indebtedness; create or permit liens;
enter into business combinations and asset sale transactions; make investments, including capital expenditures; and enter into
new businesses. Some of these debt instruments are also secured by various collateral including mortgages on farms, pledges of
subsidiary stock and liens on certain facilities, equipment and accounts. Some of these debt instruments also contain cross-default
provisions, where a default on one loan by one subsidiary could result in lenders of otherwise performing loans declaring a default.
See &#147;Item 5. Operating and Financial Review and Prospects&mdash;B. Liquidity and Capital Resources&mdash;Indebtedness and
Financial Instruments.&#148;&nbsp;&nbsp;These restrictions could limit our subsidiaries&#146; ability to obtain future financing,
withstand a future downturn in business or the economy in general, conduct operations or otherwise take advantage of business opportunities
that may arise. Moreover, by reducing the level of dividends we may receive, this indebtedness places limits on our ability to
make acquisitions or needed capital expenditures or to pay dividends to our shareholders.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The terms of certain
of our subsidiaries&#146; debt instruments contain financial ratio covenants, limitations on their levels of debt and capital
expenditures and requirements on maintaining various levels of EBITDA. During 2009 and 2010, certain of our operating subsidiaries
in Argentina and Brazil breached certain financial ratio covenants under their debt instruments, and subsequently entered into
amendments with the lenders to redefine the terms of such financial ratio covenants. The financial ratio covenants we are currently
required to meet, some of which are measured on a combined basis aggregating results of the borrowing subsidiaries and others which
are measured on an individual debtor basis, include, among others, debt service coverage, minimum liquidity and leverage ratios.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The failure by our subsidiaries
to maintain applicable financial ratios, in certain circumstances, would prevent them from borrowing additional amounts and could
result in a default under such indebtedness. If we or our subsidiaries are unable to repay those amounts, the affected lenders
could initiate bankruptcy-related proceedings or enforce their rights to the collateral securing such indebtedness, which would
have a material and adverse effect on our business, results of operations and financial condition.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Fluctuations in interest
rates could have a significant impact on our results</I></B> <B><I>of operations, indebtedness and cash flow.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31, 2014,
approximately 48.1% of our total debt on a consolidated basis was subject to fixed interest rates and 51.9% was subject to variable
interest rates. As of December 31, 2014, borrowings incurred by the Company&#146;s subsidiaries in Brazil were repayable at various
dates between January 2015 and April 2024 and bare either fixed interest rates ranging from 2.00% to 14.3% per annum or variable
rates based on LIBOR or other specific base-rates plus spreads ranging from 4.46% to 15.59% per annum. At December 31, 2014, LIBOR
(six months) was 0.37%. Borrowings incurred by the Company&acute;s subsidiaries in Argentina are repayable at various dates between
January 2015 and November 2019 and bear either fixed interest rates ranging from 4.50% and 7.00% per annum. Significant interest
rate increases can have an adverse effect on our profitability, liquidity and financial position. Currently, our variable interest
rate exposure is mainly linked to the LIBOR rate plus specified spreads. If interest rates increase, whether because of an increase
in market interest rates or an increase in our own cost of borrowing, our debt service obligations for our variable rate indebtedness
would increase even though the amount of borrowings remains the same, and our net income could be adversely affected. See also
&#147;Item 11. Quantitative and Qualitative Disclosures About Market Risk.&#148;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We occasionally use
interest rate swaps and forward interest rate contracts to reduce interest rate volatility and funding costs associated with certain
debt issues and to achieve a desired proportion of variable-versus fixed-rate debt, based on current and projected market conditions.
We have not applied hedge accounting to these transactions and may not do so in the future. Therefore, changes in the fair value
of these derivative instruments can result in a non-cash charge or gain being recognized in our financial results for a period
preceding the period or periods in which settlement occurs under the derivative instruments and interest payments are made. Changes
or shifts in interest rates can significantly impact the valuation of our derivatives and therefore could expose us to substantial
mark-to-market losses or gains if interest rates fluctuate materially from the time when the derivatives were entered into. Accordingly,
fluctuations in interest rates may impact our financial position, results of operations, and cash flows.. See &#147;Item 11. Quantitative
and Qualitative Disclosures About Market Risk.&#148;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>We may not be able
to renew our credit lines when they mature, depriving us of</I></B> <B><I>needed liquidity.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Certain of our subsidiaries
rely substantially on existing uncommitted credit lines to support their operations and business needs through the agricultural
harvest cycle. If we are unable to renew these credit lines, or if we cannot replace such credit lines with other borrowing facilities,
our financial condition and results of operations may be adversely affected.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>There is a risk that
we could be treated as a U.S. domestic corporation for</I></B> <B><I>U.S. federal income tax purposes, which could materially increase
our U.S.</I></B> <B><I>federal income tax liability and subject any dividends we pay to U.S. federal</I></B> <B><I>withholding
tax.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We acquired approximately
98% of IFH, a holding company, which was a partnership for U.S. federal income tax purposes organized under the laws of Delaware,
immediately prior to our IPO, in exchange for our stock. Under U.S. Internal Revenue Code section 7874(b), we would be treated
as a U.S. domestic corporation if we were deemed to have acquired substantially all of the assets constituting the trade or business
of a U.S. domestic partnership and former members of IFH were deemed to own at least 80% of our stock by reason of the transfer
of those trade or business assets (ignoring stock issued in our IPO for purposes of the 80% threshold). Although we and our subsidiaries
conduct no direct business activity in the United States and we believe that our acquisition of IFH should not be subject to the
rules above, those rules are unclear in certain respects and there is limited guidance on the application of the rules to partnership
acquisitions. Accordingly, we cannot assure you that the U.S. Internal Revenue Service (&#147;IRS&#148;) will not seek to assert
that we are a U.S. domestic corporation, which assertion if successful could materially increase our U.S. federal income tax liability
and require us to withhold tax from any dividends we pay. See &#147;Item 10. Additional Information&mdash;E. Taxation.&#148;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>We may be classified
by the Internal Revenue Service as a &#147;passive foreign investment company&#148; (a &#147;PFIC&#148;), which may result
in adverse tax consequences for U.S. investors.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We believe that we will
not be a PFIC for U.S. federal income tax purposes for our current taxable year and do not expect to become one in the foreseeable
future.&nbsp;&nbsp;Whether the Company will be a PFIC for the current or future tax year will depend on the Company&#146;s assets
and income over the course of each such tax year and, as a result, cannot be predicted with certainty as of the date of this Form
20-F.&nbsp;&nbsp;Under circumstances where the cash is not deployed for active purposes, our risk of becoming a PFIC may increase.
If we were treated as a PFIC for any taxable year during which a U.S. investor held common shares, certain adverse tax consequences
could apply to such U.S. investor. A U.S. taxpayer who holds stock in a foreign corporation during any year in which such corporation
qualifies as a PFIC may mitigate such negative tax consequences by making certain U.S. federal income tax elections, which are
subject to numerous restrictions and limitations. Holders of the Company&#146;s shares<B>&nbsp;</B>are urged to consult their
own tax advisors regarding the acquisition, ownership, and disposition of the Company&#146;s shares. See &#147;Taxation&nbsp;&mdash;&nbsp;U.S.
Federal Income Tax Considerations&nbsp;&mdash;&nbsp;Passive foreign investment company rules.&#148;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Risks associated with
the Countries in which we operate</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>We operate our business
in emerging markets. Our results of operations and</I></B> <B><I>financial condition are dependent upon economic conditions in
those countries</I></B> <B><I>in which we operate, and any decline in economic conditions could harm our</I></B> <B><I>results
of operations or financial condition.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">All of our operations
and/or development activities are in South America. As of December 31, 2014, based on the net book value of our consolidated investment
property and property, plant and equipment, approximately 21.0% of our assets were located in Argentina, 77.8% in Brazil and 1.1%
in Uruguay. During the year ended 2014, 47.5% of our consolidated sales of manufactured products and services rendered and sales
of agricultural produce and biological assets were attributable to our Brazilian operations, 29.0% were attributable to our Argentine
operations and 23.4% were attributable to our Uruguayan operations. In the future we expect to have additional operations in the
South American countries in which we now operate or in other countries with similar political, economic and social conditions.
Many of these countries have a history of economic instability or crises (such as inflation or recession), government deadlock,
political instability, civil strife, changes in laws and regulations, expropriation or nationalization of property, and exchange
controls which could adversely affect our business, financial condition and results of operations.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In particular, fluctuations
in the economies of Argentina and Brazil and actions adopted by the governments of those countries have had and may continue to
have a significant impact on companies operating in those countries, including us. Specifically, we have been affected and may
continue to be affected by inflation, increased interest rates, fluctuations in the value of the Argentine Peso and Brazilian Real
against foreign currencies, price and foreign exchange controls, regulatory policies, business and tax regulations and in general
by the political, social and economic scenarios in Argentina and Brazil and in other countries that may affect Argentina and Brazil.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>The economies of the
countries in which we operate may be adversely affected by</I></B> <B><I>the deterioration of other global markets.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Financial and securities
markets in the countries in which we operate are influenced, to different degrees, by the economic and market conditions in other
countries, including other South American and emerging market countries and other global markets. Although economic conditions
in these countries may differ significantly from economic conditions in the countries in which we operate, investors&#146; reactions
to developments in these other countries, such as the recent developments in the global financial markets, may substantially affect
the capital flows into, and the market value of securities of issuers with operations in, the countries in which we operate. A
crisis in other emerging market countries could dampen investor enthusiasm for securities of issuers with South American operations,
including our common shares. This could adversely affect the market price for our common shares, as well as make it difficult for
us to access capital markets and obtain financing for our operations in the future, on acceptable terms or under any conditions.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A significant deterioration
in the economic growth of any of the main trading partners of Brazil or Argentina could have a material impact on the trade balance
of those countries and could adversely affect their economic growth and that of other countries in the region.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Governments have a
high degree of influence in the economies in which we</I></B> <B><I>operate, which could adversely affect our results of operations
or financial</I></B> <B><I>condition.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Governments in many
of the markets in which we currently, or may in the future operate frequently intervene in their respective economies and occasionally
make significant changes in monetary, credit, industry and other policies and regulations. Government actions to control inflation
and other policies and regulations have often involved, among other measures, price controls, currency devaluations, capital controls
and limits on imports. We have no control over, and cannot predict what measures or policies governments may take in the future.
The results of operations and financial condition of our businesses may be adversely affected by changes in governmental policy
or regulations in the jurisdictions in which they operate that impact factors such as:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 92%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">labor laws;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">economic growth;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">currency fluctuations;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">inflation;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">exchange and capital control policies;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">interest rates;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">liquidity of domestic capital and lending markets;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">monetary policy;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 92%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">liquidity and solvency of the financial system;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">limitations on ownership of rural land by foreigners;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">developments in trade negotiations through the World Trade Organization or other international organizations;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">environmental regulations;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">tax laws, including royalties and the effect of tax laws on distributions from our subsidiaries;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">restrictions on repatriation of investments and on the transfer of funds abroad;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">expropriation or nationalization;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">import/export restrictions or other laws and policies affecting foreign trade and investment;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">price controls or price fixing regulations;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">restrictions on land acquisition or use or agricultural commodity production; and</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">other political, social and economic developments, including political, social or economic instability, in or affecting the country where each business is based.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Uncertainty over whether
governments will implement changes in policy or regulation affecting these or other factors in the future may contribute to economic
uncertainty and heightened volatility in the securities markets, which may have a material and adverse effect on our business,
results of operations and financial condition.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Currency exchange
rate fluctuations relative to the U.S. dollar in the</I></B> <B><I>countries in which we operate our businesses may adversely impact
our results</I></B> <B><I>of operations and financial condition.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We operate exclusively
outside the United States, and our businesses may be impacted by significant fluctuations in foreign currency exchange rates. Our
exposure to currency exchange rate fluctuations results from the currency translation adjustments required in connection with the
preparation of our Consolidated Financial Statements. The currency exchange exposure stems from the generation of revenues and
incurrence of expenses in different currencies and the devaluation of local currency revenues impairing the value of investments
in U.S. Dollars. While the Consolidated Financial Statements presented herein are, and our future Consolidated Financial Statements
will be, presented in U.S. dollars, the financial statements of our subsidiaries are prepared using the local currency as the functional
currency and translated into U.S. dollars by applying: (i) a year-end exchange rate for assets and liabilities; and (ii) an average
exchange rate for the year for income and expenses. Resulting exchange differences arising from the translation to our presentation
currency are recognized as a separate component of equity. Currencies in Argentina and Brazil have fluctuated significantly against
the U.S. dollar in the past. Accordingly, fluctuations in exchange rates relative to the U.S. dollar could impair the comparability
of our results from period to period and have a material adverse effect on our results of operations and financial condition.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Argentine Peso depreciated
5.89% against the U.S. dollar in 2011, 14.27% in 2012, 32.5% in 2013 and 30.7% in 2014.&nbsp;&nbsp;However, due to the restrictions
on the purchase of foreign currency imposed by the Argentine government (see &#147; - Risks Related to Argentina-Exchange controls
could restrict the inflow and outflow of funds in Argentina.&#148;) there exists an unofficial market where the U.S. dollar is
trading at a different market value than reflected in the official Argentine Peso &ndash; U.S. Dollar exchange rate. The Company
uses the official Argentine Peso-U.S. Dollar exchange rate as the reference exchange rate for all re-measurement purposes, which
is consistent with the economic reality that foreign currency transactions entered into or paid out of Argentina are required to
be converted at the official exchange rate. As of the date of this report the gap between the official rate and the unofficial
rate is approximately 45.5% and may increase or decrease in the future. We cannot predict future fluctuations in the exchange rate
of the Argentine Peso or whether the Argentine government will change its currency policy.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Brazilian currency
has historically suffered frequent fluctuations. As a consequence of inflationary pressures, in the past, the Brazilian government
has implemented various economic plans and adopted a number of exchange rate policies, including sudden devaluations, periodic
mini-devaluations during which the frequency of adjustments has ranged from daily to monthly, floating exchange rate systems, exchange
controls and dual exchange rate markets. Formally the value of the Real against foreign currencies is determined under a free-floating
exchange rate regime, but in fact the Brazilian government is actually intervening on the Market, through currency swaps, trading
in the spot market, among others, every time the currency exchange rate is above or below the levels that the Brazilian government
considers appropriate, taking into account, inflation, growth, the performance of the Real against the U.S dollar in comparison
with other currencies and other economic factors. Periodically, there are significant fluctuations in the value of the Real against
the U.S. dollar. The Real depreciated 12.6 % against the U.S. dollar in 2011, depreciated 8.94% in 2012, depreciated 14.6% in 2013
and depreciated 13.4% in 2014. Against the euro, the Real depreciated 9.3% in 2011, depreciated 10.7% in 2012 , depreciated 19.7%
in 2013 and depreciated 0.01% in 2014 . On December 31, 2013, the Real/U.S. dollar exchange rate was R$2.3426 per U.S. dollar,
and the Real/Euro exchange rate was R$3.2265 per Euro, as reported by the Central Bank of Brazil. On December 31, 2014, the Real/U.S.
dollar exchange rate was R$ 2.6562, a depreciation of 13.4% in comparison with December 31, 2013, and as of December 31, 2014 the
Real/Euro exchange rate was R$3.2270 per Euro, a depreciation of 0.01%.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Future fluctuations
in the value of the local currencies relative to the U.S. dollar in the countries in which we operate may occur, and if such fluctuations
were to occur in one or a combination of the countries in which we operate, our results of operations or financial condition could
be adversely affected.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Inflation in some
of the countries in which we operate, along with governmental</I></B> <B><I>measures to combat inflation, may have a significant
negative effect on the</I></B> <B><I>economies of those countries and, as a result, on our financial condition and</I></B> <B><I>results
of operations.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In the past, high levels
of inflation have adversely affected the economies and financial markets of some of the countries in which we operate, particularly
Argentina and Brazil, and the ability of their governments to create conditions that stimulate or maintain economic growth. Moreover,
governmental measures to curb inflation and speculation about possible future governmental measures have contributed to the negative
economic impact of inflation and have created general economic uncertainty. As part of these measures, governments have at times
maintained a restrictive monetary policy and high interest rates that has limited the availability of credit and economic growth.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A portion of our operating
costs in Argentina are denominated in Argentine Pesos and most of our operating costs in Brazil are denominated in Brazilian Reais.
Inflation in Argentina or Brazil, without a corresponding Peso or Real devaluation could result in an increase in our operating
costs without a commensurate increase in our revenues, which could adversely affect our financial condition and our ability to
pay our foreign denominated obligations.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">After several years
of price stability in Argentina, the devaluation of the Peso in January 2002 imposed pressures on the domestic price system that
generated high inflation throughout 2002. In 2003, inflation decreased significantly and stabilized. However, in recent years,
encouraged by the pace of economic growth, according to the Instituto Nacional de Estad&iacute;sticas y Censos, or &#147;INDEC&#148;
(Argentine Statistics and Census Agency), the consumer price index increased by 9.5% in 2011, 10.8% in 2012, and10.9% in 2013;
while the wholesale price index increased 10.3% in 2009, 14.6% in 2010, 12.7% in 2011, 13.1% in 2012, 14.7% in 2013 and 28.3% in
2014. The accuracy of the measurements of the INDEC has been questioned in the past, and the actual consumer price index and wholesale
price index could be substantially higher than those indicated by the INDEC. For example, according to a research center of the
University of Buenos Aires, School of Economics, the consumer price index increased by 10.7% (rather than 9.8%) in 2006, 25.7%
(rather than 8.5%) in 2007, 23.0% (rather than 7.2%) in 2008 and 15.0% (rather than 7.7%) in 2009 (last published information).
Moreover, according to InflacionVerdadera.com, an initiative that is part of the Billion Prices Project at the Massachusetts Institute
of Technology, the consumer price index increased by 25.77% (rather than 10.9%) in 2010, by 30.18% (rather than 9.5%) in 2011,
by 25.9% (rather than 10.8%) in 2012,24.3% (rather than 10.9%) in 2013.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">According to private
inflation measurements released mainly by the Commission of Freedom of Expression of the Argentine Congress (the &#147;Expression
Commission&#148;)&nbsp;&nbsp;and published in local newspapers, in 2011 the consumer price index increased by 22.8%&nbsp;&nbsp;(rather
than 9.5%), by 25.6% (rather than 10.8%) in 2012 and by 28.38% (rather than 10.9%) in 2013.. See &#147;&mdash;Risks Related to
Argentina&mdash;There are concerns about the accuracy of the INDEC&#146;s measurements.&#148;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In February 2014 the
INDEC modified the methodology for the calculation of the consumer price index and the gross domestic product. Under the new calculation
methodology, the consumer price index increased by 23.9% in 2014. However, according to InflacionVerdadera.com and the Expression
Commission the consumer price index increased by 38.82% and by 40.53%, respectively.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Brazil has historically
experienced high rates of inflation. Inflation, as well as government efforts to curb inflation, has had significant negative effects
on the Brazilian economy, particularly prior to 1995. Inflation rates were 7.7% in 2007 and 9.8% in 2008, compared to deflation
of 1.7% in 2009, inflation of 11.3% in 2010, inflation of 5.1% in 2011, inflation of 7.8% in 2012, inflation of 5.5% in 2013 and
inflation of 3.7% in 2014, as measured by the General Market Price Index (Indice Geral de Pre&ccedil;os &mdash; Mercado), compiled
by the Get&uacute;lio Vargas Foundation (Funda&ccedil;&atilde;o Get&uacute;lio Vargas). A significant proportion of our cash costs
and our operating expenses are denominated in Brazilian Reais and tend to increase with Brazilian inflation. The Brazilian government&#146;s
measures to control inflation have in the past included maintaining a tight monetary policy with high interest rates, thereby restricting
the availability of credit and reducing economic growth. This policy has changed in the last two years, when the Brazilian government
decreased the interest rate by 525 basis points. Subsequently, the high inflation, arising from the lower interest rate, and the
intention to maintain this rate at low levels, led, the Brazilian government to adopt other measures to control inflation, such
as tax relief for several sectors of the economy and tax cuts for the products included in the basic food basket. These measures
were not sufficient to control the inflation, which led the Brazilian government to reinstate a tighter monetary policy. As a result,
interest rates have fluctuated significantly. The Special System for Settlement and Custody (Sistema Especial de Liquida&ccedil;&atilde;o
e Cust&oacute;dia, or &#147;SELIC&#148;) interest rate in Brazil at year-end was 13.25% in 2006, 11.25% in 2007, 13.75% in 2008,
8.75% in 2009, 10.75% in 2010, 11.0% in 2011, and 7.25% in 2012, 10.0% in 2013 and 11.5% in 2014 as determined by the Comit&ecirc;
de Pol&iacute;tica Monet&aacute;ria, or COPOM.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Argentina and/or Brazil
may experience high levels of inflation in the future, which may impact domestic demand for our products. Inflationary pressures
may also weaken investor confidence in Argentina and/or Brazil, curtail our ability to access foreign financial markets and lead
to further government intervention in the economy, including interest rate increases, restrictions on tariff adjustments to offset
inflation, intervention in foreign exchange markets and actions to adjust or fix currency values, which may trigger or exacerbate
increases in inflation, and consequently have an adverse impact on us. In an inflationary environment, the value of uncollected
accounts receivable, as well as of unpaid accounts payable, declines rapidly. If the countries in which we operate experience high
levels of inflation in the future and price controls are imposed, we may not be able to adjust the rates we charge our customers
to fully offset the impact of inflation on our cost structures, which could adversely affect our results of operations or financial
condition.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Depreciation of the
Peso or the Real relative to the U.S. Dollar or the Euro may also create additional inflationary pressures in Argentina or Brazil
that may negatively affect us. Depreciation generally curtail access to foreign financial markets and may prompt government intervention,
including recessionary governmental policies. Depreciation also reduces the U.S. Dollar or Euro value of dividends and other distributions
on our shares and the U.S. Dollar or Euro equivalent of the market price of our shares. Any of the foregoing might adversely affect
our business, operating results, and cash flow, as well as the market price of our common shares.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Conversely, in the short
term, a significant increase in the value of the Peso or the Real against the U.S. Dollar would adversely affect the respective
Argentine and/or Brazilian government&#146;s income from exports. This could have a negative effect on gross domestic product
(&#147;GDP&#148;) growth and employment and could also reduce the public sector&#146;s revenues in those countries by reducing
tax collection in real terms, as a portion of public sector revenues are derived from the collection of export taxes.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Disruption of transportation
and logistics services or insufficient investment</I></B> <B><I>in public infrastructure could adversely affect our operating results.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">One of the principal
disadvantages of the agricultural sector in the countries in which we operate is that key growing regions lie far from major ports.
As a result, efficient access to transportation infrastructure and ports is critical to the growth of agriculture as a whole in
the countries in which we operate and of our operations in particular. Improvements in transportation infrastructure are likely
to be required to make more agricultural production accessible to export terminals at competitive prices. A substantial portion
of agricultural production in the countries in which we operate is currently transported by truck, a means of transportation significantly
more expensive than the rail transportation available to U.S. and other international producers. Our dependence on truck transportation
may affect our position as a low-cost producer so that our ability to compete in the world markets may be impaired.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Even though road and
rail improvement projects have been considered for some areas of Brazil, and in some cases implemented, substantial investments
are required for road and rail improvement projects, which may not be completed on a timely basis, if at all. Any delay or failure
in developing infrastructure systems could reduce the demand for our products, impede our products&#146; delivery or impose additional
costs on us. We currently outsource the transportation and logistics services necessary to operate our business. Any disruption
in these services could result in supply problems at our farms and processing facilities and impair our ability to deliver our
products to our customers in a timely manner.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Risks Related to Argentina</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Argentine economic
and political conditions and perceptions of these conditions</I></B> <B><I>in the international market may have a direct impact
on our business and our</I></B> <B><I>access to international capital and debt markets, and could adversely affect</I></B> <B><I>our
results of operations and financial condition.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A significant portion
of our operations, properties and customers are located in Argentina. The Argentine economy has experienced significant volatility
in recent decades, characterized by periods of low or negative growth, high and variable levels of inflation and currency devaluation.
Between 2001 and 2003 Argentina experienced a period of severe political, economic and social crisis. In 2002, the enactment of
Law No. 25,561 (the &#147;Public Emergency Law&#148;) ended more than a decade of uninterrupted Peso/dollar parity, and the value
of the Peso against the U.S. dollar has fluctuated significantly since then.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Although general economic
conditions in Argentina recovered after the 2001-2003 period of severe economic crisis,a period of significant economic uncertainty
followed. This is mainly because the economic growth was initially dependent on a significant devaluation of the Argentine Peso,
a high excess production capacity resulting from a long period of deep recession and high commodity prices. The global economic
crisis of 2008 led to a period of economic decline, accompanied by political and social unrest, inflationary and Peso depreciation
pressures and lack of consumer and investor confidence. The lingering economic crises in Europe, including the financial crisis
in Greece, Spain, Italy and Portugal, the international demand for Argentine products, the stability and competitiveness of the
Peso against foreign currencies, confidence among consumers and foreign and domestic investors, the stability and level of inflation
and the future political uncertainties, among other factors, may also affect the development of the Argentine economy.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Since 2011 the economic
conditions have continued to deteriorate, due to, among other things, the rise of inflation, the continued demand for salary increases,
the growth of the fiscal deficit, the required payments to be made on public debt during 2012 (including the <I>Bonos del Gobierno
Nacional en D&oacute;lares Estadounidenses Libor 2012</I>), the reduction of industrial growth, the recession and the increase
of the capital outflows from Argentina. The foregoing prevailing economic conditions have forced the Argentine government to adopt
different measures, including the tightening of foreign exchange controls, the elimination of subsidies to the private sector and
the proposals for new taxes. See &#147;&mdash;Changes in the Argentine tax laws may adversely affect the results of our operations&#148;.&nbsp;&nbsp;Argentine
presidential, congressional, municipal and state government elections are expected to be held in October 2015. However there is
uncertainty on the possible outcome of the elections and therefore on the governmental policies which may be adopted in the future.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">According to the INDEC,
Argentina&#146;s GDP, in real terms, grew by 8.7% in 2007, 6.8% in 2008, 0.9% in 2009, 9.2% in 2010, 8.9% in 2011, 1.9% in 2012,
5.6% in 2013 and 0.5% in 2014. See &#147;&mdash;Official data regarding inflation may be unreliable&#148;
and &#147;&mdash;Risks Associated with the Countries in which We Operate&mdash;Inflation in some of the countries in which we
operate, along with governmental measures to combat inflation, may have a significant negative effect on the economies of those
countries and, as a result, on our financial condition and results of operations&#148; in this section. The INDEC originally reported
a GDP for 2013 equal to 5.6%, however, in February 2014 the INDEC modified the methodology for the calculation of the GDP and released
a new GDP index for 2013, equal to 3.00%. According to a preliminary estimates, the GDP reported&nbsp;&nbsp;by INDEC for 2014 is
equal to 0.5%. We cannot assure you that GDP will increase or remain stable in the future.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In the recent past,
social and political tension and high levels of poverty and unemployment have persisted and in recent months industrial activity
and consumption has diminished considerably. The deterioration of the economy significantly increased the social and political
turmoil, including civil unrest, riots, looting, nationwide protests, strikes and street demonstrations. Due to the high levels
of inflation and devaluation, employers both in the public and private sectors are experiencing significant pressure from organized
labor unions and their employees to further increase salaries. See &#147;&mdash;Risks related to Argentina&mdash;The Argentine
government may order salary increases to be paid to employees in the private sector, which would increase our operating costs&#148;.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition, during
the recent past the Argentine Central Bank&#146;s reserves have suffered a substantial decrease mainly as a consequence of the
increasing need to import energy and payments of sovereign debt. The reduction of the Argentine Central Bank&#146;s reserves may
weaken Argentina&#146;s ability to overcome economic deterioration. This could inhibit the ability of the Argentine Central Bank
to adopt measures to curb inflation and could adversely affect Argentina&#146;s economic growth and public finances.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A continued deterioration
of the economic, social and/or political conditions may adversely affect the development of the Argentine economy and force the
government to adopt future policies including forced renegotiation or modification of existing contracts, suspension of the enforcement
of creditors&#146; rights, new taxation policies, including royalty and tax increases and retroactive tax claims, and changes
in laws and policies affecting foreign trade and investment and salary increases, and/or the provision of additional employee benefits.
Any such economic, social and/or political conditions and/or measures could materially affect our business, results of operations
and financial condition.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>The economy of Argentina
may be affected by its government&#146;s limited access to</I></B> <B><I>financing from international markets.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Argentine economy
has experienced significant instability in the past decades, including devaluations, high inflation, and prolonged periods of reduced
economic growth, which have led to payment defaults on Argentina&#146;s foreign debt and multiple downgrades in Argentina&#146;s
foreign debt rating with attendant restrictions on Argentina&#146;s ability to obtain financing in the international markets.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31, 2001,
Argentina&#146;s total public debt amounted to $144.5 billion (including $6.6 billion owed to the Paris Club, an informal group
of financial officials from 19 creditor nations entrusted with the negotiation of sovereign debt defaults). In December 2001, Argentina
defaulted on over $81.8 billion in external debt to bondholders. In addition, since 2002, Argentina suspended payments on over
$15.7 billion in debt to multilateral financial institutions (e.g. International Monetary Fund and the Paris Club) and other financial
institutions. In 2006, Argentina cancelled all its outstanding debt with the International Monetary Fund totaling approximately
$9.5 billion, and through various exchange offers made to bondholders in 2005 and 2010, restructured over approximately $74.2 billion
of the defaulted debt to bondholders. As of December 31, 2014, Argentina&#146;s total public debt amounted to $196.1 billion (excluding
over $1.3 billion of debt that remained in default to bondholders who did not participate in the exchange offers in 2005 and 2010).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Since 2010, the Argentine
government applied $6.4 billion of the Argentine Central Bank&#146;s reserves to the payment of public debt. In 2011, the Argentine
government applied $9.6 billion from the Argentine Central Bank&#146;s reserves to the payment of public debt, cancelling the
entire debt with international financial institutions. During 2013, the Argentine government made the payment of approximately
$4.5 billion of privately held public debt and approximately $2 billion of public debt with multilateral financial institutions
and during 2013 refinanced approximately $8 billion of public debt with local public entities (i.e. Argentine Central Bank and
the Administraci&oacute;n Nacional de la Seguridad Social or ANSES &ndash;the social security authority-). On May 29, 2014, the
Paris Club announced that it had reached an agreement to clear Argentina&acute;s debt in arrears in the amount of $9.7 billion,
as of April 30, 2014. The agreement provides for repayment of the debt within five years, including a minimum of $1.2 billion to
be paid during May 2015.&nbsp;&nbsp;During 2015 the Argentine government is obligated to make payments of approximately $14 billion
of public debt, including the <I>Bonos del Gobierno Nacional en D&oacute;lares Estadounidenses (BODEN 2015)</I>, which represents
approximately 45% of the Argentine Central Bank&#146;s foreign reserves as of December 31, 2014. After these payments, the Argentine
Central Bank&#146;s reserves would be reduced to approximately $17 billion, very close to the amount of the reserves during the
crisis of 2001 when the reserves were reduced to approximately $15 billion on December 31, 2001.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Argentine government
has had to respond to claims in respect of payment defaults at the World Bank&#146;s International Centre for Settlement of Investment
Disputes (&#147;ICSID&#148;) for approximately $65 billion (some of which have been settled or ruled against Argentina).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Among the more publicized
disputes is the on-going litigation brought in U.S. federal courts by the bondholders who did not participate in the exchange offers
made in 2005 and 2010. During 2012 the United States District Court for the Southern District of New York granted an injunction
requiring Argentina to make &#147;ratable payments&#148; to the litigating bondholders as a condition to making any payment under
the restructured debt and to deposit into an escrow account over $1.3 billion prior to making the scheduled payment on the restructured
debt on&nbsp;&nbsp;December 15, 2012.&nbsp;&nbsp;On August 23, 2013, the United States Court of Appeals for the Second Circuit
affirmed the District Courts&#146; orders but stayed enforcement pending resolution of a petition to the Supreme Court for a writ
of certiorari, which was rejected by the Supreme Court. Subsequently, the District Court lifted the stay on enforcement of the
injunction and appointed Mr. Daniel A. Pollack as mediator to settle negotiations between Argentina and the litigating bondholders.&nbsp;&nbsp;These
negotiations ended on July 30, 2014 without reaching agreement. Due to the lack of payment under the outstanding notes, Argentina
entered into &#147;technical default&#148; under the terms of the indebtedness.&nbsp;&nbsp;On September 12, 2014,
the Argentine Congress passed Law No. 26,984 approving the replacement of The Bank of New York Mellon by Naci&oacute;n Fideicomisos
S.A., as trustee under the restructured bonds; changing the place of payment under the exchange bonds into Argentina; and approving
the launch of an offer for the exchange of the restructured bonds for new bonds governed by Argentine and French law.&nbsp;&nbsp;However,
the exchange offer failed to receive the requisite acceptance.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Due to the lack of access
to the international capital markets on March 28, 2012, the Argentine government approved a reform of the Argentine Central Bank&#146;s
Charter by which, among other things: (i) limited the availability of economic information (i.e. expected rate of inflation, amount
and composition of reserves and of the monetary base); (ii) significantly increased the Argentine government&#146;s access to
financing from the Argentine Central Bank; (iii) granted the Board of Directors of the Argentine Central Bank the discretion to
determine the required level of reserves; (iv) determined that any reserves above the required level fixed by the Board of Directors
constitutes freely available reserves; and (v) provided that in addition to the payment of obligations with international financial
institutions, the freely available reserves may also be applied to the payment of official bilateral external debt (i.e. Paris
Club).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The reduction of the
Argentine Central Bank&#146;s reserves may weaken Argentina&#146;s ability to overcome economic deterioration in the future.
As a result of this economic instability, the foreign debt rating of Argentina has been downgraded on multiple occasions based
upon concerns regarding economic conditions and rising fears of increased inflationary pressures. This uncertainty may also adversely
impact Argentina&#146;s ability to attract capital. Without access to international private financing, Argentina may not be able
to finance its obligations, and financing from multilateral financial institutions may be limited or not available. This could
also inhibit the ability of the Argentine Central Bank to adopt measures to curb inflation and could adversely affect Argentina&#146;s
economic growth and public finances, which could, in turn, adversely affect our operations in Argentina, our financial condition
or the results of our operations.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Argentine law
concerning foreign ownership of rural properties may adversely affect our results of operations and future investments in rural
properties in Argentina.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Law No. 26,737, passed
by the Argentine Congress in December 2011, and its implementing regulation Decree No. 274/2012 of February 28, 2012, impose limits
on the ownership or possession of rural land by foreign legal entities or foreign individuals (excluding foreign individuals who
have resided in Argentina ten years or more; who have Argentine children and also have resided at least five-years in Argentina;
or who have been married to Argentine citizens for at least five years prior to the transfer of the property rights over rural
land and have resided in Argentina for at least five years).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Law No. 26,737 and its
implementing regulation require that, &#147;foreign ownership&#148; of rural land may not exceed 15% of the total amount of rural
land in the Argentine territory calculated also in relation to the territory of the Province, Department or Municipality where
the relevant lands are located. For purposes of the law, &#147;foreign ownership&#148; means the ownership (whether by acquisition,
transfer, assignment of rights or otherwise) over rural land by: (i) foreign individuals, regardless of whether they are Argentine
residents or not; (ii) legal entities where more than 51% of the stock is directly owned by foreign individuals or entities; (iii)
legal entities which are indirectly linked to or controlled by foreign entities or individuals through ownership of (a) 25% or
more of their stock or (b) a number of votes sufficient to prevail in the local entity&#146;s decision-making process; (iv) any
foreign legal entity or individual operating as de facto shareholder; (v) companies that issue bonds (a) convertible in stock representing
25% or more of the company&#146;s stock and (b) whose holders are foreign individuals or entities; (vi) trusts whose beneficiaries
are foreign individuals or entities, as defined pursuant to (ii), (iii), (iv) or (v) above; (vii) joint ventures in which foreign
entities or individuals hold a participating interest higher than those set forth by the law (51% under (ii) or 25% under (iii),
(iv), (v) or (vi) above); (viii) foreign public law-governed legal entities; and (ix) simple associations or de facto corporations
in which foreigners hold shares in the percentage set forth by the new law in relation to corporations or which are controlled
by foreigners. Any modification to the capital stock of companies that own or possess rural land, by public or private instrument,
may be reported to the National Registry of Rural Land (Registro Nacional de Tierras Rurales) within 30 days from the date of such
modification.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition, foreign
entities or individuals of the same nationality may not own more than 4.5% of rural land in Argentina and a single foreign entity
or individual may not own more than 1,000 hectares in the &#147;core area&#148;, or the &#147;equivalent surface&#148;, as
determined by the Interministerial Council of Rural Land (Consejo Interministerial de Tierras Rurales) in accordance with the provinces&#146;
proposal, specifying districts, sub-regions or areas and taking into consideration the location of the land, the proportion of
the land area in respect of the total territory of the relevant Province, Department or Municipality and, the quality of the land
for use and exploitation. The &#147;equivalent surface&#148; regime may be modified by the Interministerial Council of Rural
Lands (Consejo Interministerial de Tierras Rurales) taking into account possible changes in the quality of the land or the growth
of urban populations. Pursuant to Decree No. 274/2012 the departments that comprise the &#147;core area&#148; are: Marcos Juarez
and Union in the Province of C&oacute;rdoba; Belgrano, San Martin, San Jeronimo, Iriondo, San Lorenzo, Rosario, Constituci&oacute;n,
Caseros and General Lopez in the Province of Santa Fe; and the districts of Leandro N. Alem, General Viamonte, Bragado, General
Arenales, Junin, Alberti, Rojas, Chivilcoy, Chacabuco, Colon, Salto, San Nicolas, Ramallo, San Pedro, Baradero, San Antonio de
Areco, Exaltacion de La Cruz, Capitan Sarmiento and San Andres de Giles in the Province of Buenos Aires.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Foreign legal entities
or individuals may not own rural land that comprise or are located beside permanent and significant bodies of water to be determined
by the Interministerial Council of Rural Land (Consejo Interministerial de Tierras Rurales) and will include hydrological works
and projects considered strategic and of public interest.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Law No. 26,787 created
a National Registry of Rural Land (Registro Nacional de Tierras Rurales) in charge of the enforcement of the provisions of the
law and registry of rural land. Foreign owners were required to report their ownership of rural land to the National Registry of
Rural Land within the 180 days immediately following the issuance of the law&#146;s implementing regulations.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Acquisition of rural
land will not be deemed as an &#147;investment&#148; under bilateral investment treaties signed by the Argentine Republic, since
rural land is deemed as &#147;a non-renewable natural resource&#148;.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Certain provisions of
Law No. 26,787 and its implementing regulation raise questions over their precise meaning. Law No. 26,787 states that any act in
violation of its provisions will be considered null and void, notwithstanding, the law expressly provides that it &#147;does not
affect any vested rights&#148;. Hence, it should not have an adverse effect on the current rural land owned by our Argentine subsidiaries.
However, our Argentine subsidiaries may be prevented from acquiring additional rural land in Argentina, which may adversely affect
our financial condition and results of our operations.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>The lack of financing
for Argentine companies may have an adverse effect on the</I></B> <B><I>results of our operations in Argentina and on the market
price of our common</I></B> <B><I>shares.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The prospects for Argentine
companies accessing financial markets are limited in terms of the amount of the financing available and the conditions and costs
of such financing. The default on the Argentine sovereign debt and the global economic crisis has significantly limited the ability
of Argentine companies to access international financial markets.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition, in November
2008, the Argentine Congress passed a law eliminating the private pension fund system and transferring all retirement and pension
funds held by the pension fund administrators (Administradoras de Fondos de Jubilaciones y Pensiones, or &#147;AFJPs&#148;) to
the National Social Security Administrative Office (Administraci&oacute;n Nacional de la Seguridad Social). Because the AFJPs had
been the major institutional investors in the Argentine capital markets, the nationalization of the pension fund system has led
to a reduction of the liquidity available in the local Argentine capital markets. As of December 31, 2014, our subsidiaries in
Argentina have relied on local Argentine financing for 52% of our total indebtedness. Lack of access to international or domestic
financial markets could affect the projected capital expenditures for our operations in Argentina and, therefore, may have an adverse
effect on the results of our operations in Argentina and on the market price of our common shares.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Official data regarding
inflation may be unreliable.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Since 2007, the INDEC
has experienced a process of institutional and methodological reforms that have given rise to controversy with respect to the reliability
of the information produced by the INDEC. The intervention of the Argentine government in the INDEC and the change in the way the
inflation index is measured has resulted in disagreements between the Argentine government and private consultants as to the country&#146;s
actual annual inflation rate. Members of the political opposition in the House of Representatives of the Argentine Congress periodically
disseminate inflation data produced by certain private analysts and non-governmental sources which differ significantly from, and
which present higher estimates of inflation than those published by the INDEC. According to the INDEC inflation was approximately
8.5% for 2007, 7.2% for 2008, 7.7% for 2009, 10.9% for 2010, 9.5% for 2011, 10.8% for 2012, 10.9% for 2013 and 23.9% for 2014.
Uncertainty surrounding future inflation rates has slowed the rebound in the long-term credit market. Private estimates, on average,
refer to annual rates of inflation substantially in excess of those published by the INDEC. In the past, inflation has materially
undermined the Argentine economy and the government&#146;s ability to create conditions that would permit stable growth. High
inflation may also undermine Argentina&#146;s foreign competitiveness in international markets and adversely affect economic activity
and employment, as well as our business and results of operations. In June 2008, the INDEC published a new consumer price index,
which has been criticized by economists and investors after its initial report found prices rising below expectations. These events
have affected the credibility of the consumer price index published by the INDEC, as well as other indices published by the INDEC
that use the consumer price index in their calculation, including the poverty index, the unemployment index and real GDP. Beginning
November 23, 2010, the Argentine government consulted with the IMF for technical assistance in order to prepare a new national
consumer price index with the aim of modernizing the current statistical system. During the first quarter of 2011, a team from
the IMF started working in conjunction with the INDEC to create a new national consumer price index. Reports published by the IMF
state that their staff also uses alternative measures of inflation for macroeconomic surveillance, including data produced by private
sources, which have shown inflation rates considerably higher than those issued by the INDEC since 2007, and the IMF has called
on Argentina to adopt remedial measures to address the quality of official data. In its meeting held on February 1, 2013, the Executive
Board of the IMF found that Argentina&#146;s progress in implementing remedial measures since September 2012 has not been sufficient,
and as a result, the IMF issued a declaration of censure against Argentina in connection with its breach of its related obligations
to the IMF under the Articles of Agreement, and called on Argentina to adopt remedial measures to address the inaccuracy of inflation
and GDP data without further delay.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In February 2014, the
INDEC modified the methodology for the calculation of the consumer price index and the gross domestic product and released a new
GDP index for 2013, equal to 3.003% which differs from de GDP of 5.6% originally reported by INDEC for the same period. In addition,
the INDEC reported preliminary estimates for GDP for 2014, equal to 0.5%. Regarding the consumer price index, the INDEC reported
that it increased by 23.9% in 2014 whereas according to InflacionVerdadera.com and the Expression Commission the consumer price
index increased by 38.819%, 40.53%, respectively.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The intervention of
the Argentine government in the determination of the INDEC&#146;s indices could result in a further decrease in confidence in
Argentina&#146;s economy, which could, in turn, have an adverse effect on our ability to access the international credit markets
at market rates to finance our operations and growth.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Government intervention
in Argentina may have a direct impact on our prices and</I></B> <B><I>sales.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Argentine government
has in the past set certain industry market conditions and prices. In March 2002, the Argentine government fixed the price for
milk after a conflict among producers and the government. In 2005, the Argentine government adopted measures in order to increase
the domestic availability of beef and reduce domestic prices. The export tax rate was increased and a minimum weight requirement
for animals to be slaughtered was established. In March 2006, sales of beef products to foreign markets were temporarily suspended
until prices decreased. Furthermore, in 2007 the Argentine government significantly increased export tax rates on exports of crops.
A number of restrictions are also imposed on the grain and oilseed markets that essentially limit the access of traders to exports,
resulting in a disparity between domestic and world prices. In March 2012, the Undersecretary of Transport created an &#147;indicative
price&#148; for the transportation of grains by road fixed on a quarterly basis. The actual price paid for the road transportation
of grains cannot be lower than 5% or higher than 15% of the &#147;indicative price&#148; fixed for the applicable period. In
some cases, the imposition of this &#147;indicative price&#148; would produce increases in our transportation costs. In addition,
on April 9, 2013, the Secretary of Commerce issued a resolution that established a fixed price for selling liquid hydrocarbons
for a six months period. The fixed price would be the highest selling price on the date of issuance of the resolution, in certain
regions of the country. Notwithstanding the April 9<FONT STYLE="vertical-align: text-top">th</FONT> resolution, YPF (the Argentine
government-controlled oil and gas company) implemented gas price increases that were matched by other oil companies. Due to the
increase in the price of the wheat, on July 4, 2013, the Secretary of Commerce issued a resolution mandating wheat producers and
distributors to sell their stocks to satisfy the domestic demand, seeking to reduce the wheat price. On January 2014, the Secretary
of Commerce launched a new program of price controls called Precios Cuidados. Producers and suppliers committed to fixed prices
for more than 300&nbsp;&nbsp;basic products subject to review on a quarterly basis. As of the date of this annual report, one of
our rice products sold under the trademark &#147;Molinos Ala&#148; is subject to this program. Violation of the program may result
in sanctions, including fines of up to AR$5,000,000.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Argentine government
may pursue other expropriations or similar interventions such as the one relating to YPF. See &#147;&mdash;Risks related to Argentina&mdash;The
economy of Argentina may be affected by its government&#146;s limited access to financing from international markets.&#148;On
December 27, 2012 the Argentine Congress passed Law N&deg; 26,831, known as the new Capital Markets Law, which modifies the public
offer regime set forth by Law No. 17,811 as amended. On August 1, 2013 Decree No. 1023/2013, which regulates the Capital Markets
Law, was enacted.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Capital Markets
Law modifies the applicable regime of the Exchange Markets, including local Stock Exchange and commodities markets, and of the
agents and also the powers conferred to the Argentine Securities Commission&nbsp;(<I>Comisi&oacute;n Nacional de Valores</I>) (&#147;CNV&#148;).
The main amendments introduced refer to the increase in the power of intervention by the CNV over the Exchange Markets and agents
entitling the CNV to appoint supervisors with the ability to veto listed companies&acute; board decisions, and even separate the
board of directors for a period of 180 days; and suspend the activities of agents and markets, without prior notice, when the CNV
determines that a breach of applicable regulations has occurred. Also the new Capital Markets Law introduces new and more stringent
requirements for agents to obtain authorization to operate in the markets which may result in a reduction of the current number
of authorized agents operating in the grain markets.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Moreover, the Argentine
government may increase its level of intervention in certain areas of the economy. For example, on May 3, 2012 the Argentine Congress
passed Law No. 26,741 providing for the expropriation of 51% of the share capital of YPF, S.A. (&#147;YPF&#148;), the largest
Argentine oil and gas company in Argentina, represented by an identical stake of Class D shares owned, directly or indirectly,
by Repsol S.A., a Spanish integrated oil and gas company. The national government and the Argentine provinces that are members
of the Federal Organization of Hydrocarbon Producing Provinces now own 51% and 49%, respectively, of the YPF shares subject to
the seizure. This particular measure also sparked a strong international condemnation and had a significant negative impact on
foreign direct investment in Argentina as well as further impaired the already limited access to international capital and debt
markets. In response to the nationalization of YPF by the Argentine government, the European Union Commission threatened with the
imposition of commercial sanctions (<I>i.e.</I> unilateral tariff preferences to Argentina). However, during February 2014, the
Argentine government and Repsol S.A. agreed to a compensation of $5,000 million payable in Argentine sovereign bonds to compensate
Repsol S.A. for the seizure of the YPF shares. This settlement was ratified by Repsol YPF S.A.&acute;s shareholders and by the
Argentine Congress through a law passed on April 24, 2014. Political parties&nbsp;&nbsp;in opposition to the Government have threatened
to challenge the agreement before the Argentine courts.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition, on November
28, 2012, the Argentine government, through YPF Inversora Energ&eacute;tica S.A., an affiliate of YPF, exercised an option for
the purchase of the shares of BG Inversiones Argentinas S.A. in Gas Argentino S.A. (the controlling company of Metrogas S.A., the
major gas distributor in Argentina). Through this transaction, the Argentine government indirectly acquired control of Metrogas
S.A.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Expropriations and other
interventions by the Argentine government such as the one relating to YPF can have an adverse impact on the level of foreign investment
in Argentina, the access of Argentine companies to the international capital markets and Argentina&#146;s commercial and diplomatic
relations with other countries. In the future, the level of governmental intervention in the economy may continue, which may have
adverse effects on Argentina&#146;s economy and, in turn, our business, results of operations and financial condition.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Argentine government
has been debating the creation of a National Grain Commission (Junta Nacional de Granos) and during February 2014 a senate representative
member of the official party circulated a bill providing for the creation of such a commission with powers to regulate the production,
commercialization and export of grains and related products. The bill has not yet been officially sent to the Congress for consideration.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Furthermore, on April
1, 2014 (i) the Argentine Tax Federal Authority (&#147;Administraci&oacute;n Federal de Ingresos P&uacute;blicos &ndash; AFIP&#148;)
issued Resolution No. 3,593/14 which established a &#147;Systematic Registration of Movements and Grains Stocks Regime&#148;
(&#147;R&eacute;gimen de Registraci&oacute;n Sistem&aacute;tica de Movimientos y Existencias de Granos&#148;) pursuant to which
all persons involved in the commercialization and manufacturing of grains and dairy products registered with the National Registry
of Operators of the Commercial Agri-Food Chain (Registro Unico de Operadores de la Cadena Comercial Agropecuaria Alimentaria, or
&#147;RUO&#148;) must report the stock and stock variations (including locations, transport between the producer&acute;s facilities,
etc.) of all grains and other agricultural products (other than those to be applied to sowing) held in inventory&nbsp;&nbsp;or
through third parties; and (ii) the Secretary of Commerce enacted Resolution No. 29 by which all producers and suppliers of goods
and services with annual sales greater than AR$183 million must report to the Secretary of Commerce the prices of all their products
on a monthly basis. Violations of these regimes may be subject to fines, among and other sanctions.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On April 16, 2015, the
Argentine Congress passed a law approving the government takeover of the passenger and cargo railways, which will be owned by a
State-owned company called Ferrocarriles Argentinos Sociedad del Estado. This law is another exampleof intervention by the Argentine
government and may result in higher transportation costs for our products and operations.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We cannot assure you
that the Argentine government will not continue to interfere or increase its intervention by setting prices or regulating other
market conditions. Accordingly, we cannot assure you that we will be able to freely negotiate the prices of all our Argentine products
in the future or that the prices or other market conditions that the Argentine government might impose will allow us to freely
negotiate the prices of our products, which could have a material and adverse effect on our business, results of operations and
financial condition.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Recent legislative
reforms could adversely affect the operation of our business.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On April 8 2013, the
Argentine government submitted to the Argentine Congress three bills: (a) the creation of three courts of cassation and the amendment
to the Civil and Commercial Procedure Code, which was passed by the Argentine Congress on April 2, 2013 (&#147;Courts of Cassation
Law&#148;); (b) the amendment to the Law which regulates the Council of the Judiciary No. 24,937, which was passed by the Argentine
Congress on May 8, 2013 (&#147;Council of the Judiciary Law&#148;); and (c) a new regulation of precautionary measures in proceedings
involving the federal government or any of its decentralized entities, which was passed by the Argentine Congress on April 24,
2013 (&#147;Precautionary Proceedings Law&#148;).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Court of Cassation
Law created (i) a federal court of cassation on Administrative Law matters; (ii) a federal and national court of cassation on Labor
and Social Security law matters; and (iii) a federal and national court of cassation on Civil and Commercial law matters, which
has jurisdiction to decide the cassation, unconstitutionality and to review appeals against the decisions rendered by the Federal
and National Court of Appeals on Administrative Law, Labor and Social Security and Civil and Commercial matters, respectively.
The law sets forth that the judges of the Cassation Courts are required to be selected in the same manner and meet the same conditions
as a Supreme Court judge. Finally, such law reduces the members of the Supreme Court of Argentina from seven to five. The Court
of Cassation Law provides for additional judicial review before having access to the Federal Supreme Court.&nbsp;&nbsp;Accordingly,
judicial proceedings before federal and national courts may require additional time and will likely result in higher legal costs.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Council of the Judiciary
Law increased the number of members of the Council of the Judiciary from thirteen to nineteen, including three judges, three lawyer&#146;s
representatives, six representatives from academia, six congressmen (four selected by the majority in the Argentine Congress and
two selected by the minority) and a Federal Executive Branch representative. The law changed the method for appointing the Members
of the Council. Prior to the adoption of the Council of the Judiciary Law, Members of the Council were appointed by their peers.
According to the new law, they will be appointed by means of open, compulsory and simultaneous primary elections. The Council of
the Judiciary is entrusted with broad powers to organize and run the system to train, appoint and remove judges; approve the draft
proposal for the annual budget, establish the system of compensation of all the judicial system and provide for the administration
of all the judicial personnel; sanction judges and retired judges; and amend the regime applicable to the judiciary system. As
a result, the election of the members of the Council of the Judiciary would be politically based influenced and the majorities
for the removal of judges would be limited.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">According to the Precautionary
Proceedings Law, when granting a precautionary measure against the Argentine government and its agencies, judges will have to establish,
under penalty of nullity, a period of effectiveness of such measure of no longer than six months in normal proceedings and three
months in abbreviated proceedings and in the case of &#147;an amparo (&#147;injuction relief&#148;).&#148; The term can be
extended for six months considering if its in the public interest. Special consideration will be given to the dilatory tactics
or proactive measures taken by the party that was awarded the measure. In addition, under such legislation, Judges are not allowed
to grant precautionary measures that will affect or detract from its purposes or in any way disrupt the property or revenues of
the Federal Government, nor impose personal monetary charges to public officers. Moreover, the law establishes that the precautionary
measures against the Federal Government or its decentralized entities will be effective once the requesting party places an injunction
bond for the expenditures or damages that the measure may cause. The injunction bond will not be required when the precautionary
measure is granted in favor of the Federal Government or any of its decentralized entities.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On June 18, 2013, the
Supreme Court declared certain sections of the Council of the Judiciary Law unconstitutional, in particular those referring to
the increase in the number of members and the method for appointing such members. On July 7, 2013, the Federal Court on Administrative
Law suspended the implementation of the Court of Cassation Law and declared the precautionary proceedings limitations provided
for in the law to be unconstitutional. This law if implemented or other laws approving reforms to the Argentine judicial system
may have a negative impact on our business and operations as such legislation could make a timely and impartial administrative
process more difficult.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On October 8, 2014 the
Argentine Congress passed Law No. 26,994, which approved the new Argentine consolidated Civil and Commercial Code, which will come
into force on August 1, 2015. Among others, the new Argentine consolidated Civil and Commercial Code introduced significant amendments
with respect to the obligations to pay sums of money denominated in foreign currency, where the obligation to deliver foreign currency
must be deemed as an obligation to deliver amounts of goods and debtor may comply by delivering an equivalent amount in legal tender,
without clarifying how such equivalent amount will be determined.&nbsp;&nbsp;However, a different section of the same law provides
that where debtor is obligated to make a payment in foreign currency it must satisfy the obligation in the same currency.&nbsp;&nbsp;It
is expected that this contradiction in the law may result in potential litigation.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">These laws and other
laws that the Argentine government may introduce for approval by the Argentine Congress may have an adversely and materially affect
on the Argentine economy, and thereby our business, results of operations and financial condition.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Government measures
to preempt or respond to social unrest may adversely affect</I></B> <B><I>the Argentine economy and our business.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During the Argentine
economic crisis in 2001 and 2002, Argentina experienced significant social and political turmoil, including civil unrest, riots,
looting, nationwide protests, strikes and street demonstrations. Despite Argentina&#146;s economic recovery and relative stabilization,
social and political tension and high levels of poverty and unemployment continue. In 2008, Argentina faced nationwide strikes
and protests from farmers due to increased export taxes on agricultural products, which disrupted economic activity and have heightened
political tensions. Currently, Argentina is facing national protests from the Argentine population. On November 8, 2012, there
was a massive protest against the government and on November 20, 2012 opposition trade unions led a general strike. The social
unrest increased during the last months of 2012, and in December there were new riots and lootings to shops and supermarkets in
various cities around the country. Social unrest has continued since, reflected by a general massive strike on April 10, 2014,
and a protest in February 2015 and a general strike on March 31, 2015.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Future government policies
to preempt, or in response to, social unrest may include expropriation, nationalization, forced renegotiation or modification of
existing contracts, suspension of the enforcement of creditors&#146; rights, new taxation policies, including royalty and tax
increases and retroactive tax claims, and changes in laws and policies affecting foreign trade and investment. Such policies could
destabilize the country and adversely and materially affect the Argentine economy, and thereby our business, results of operations
and financial condition.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Disputes between the
Argentine government and the agricultural sector may</I></B> <B><I>adversely affect the Argentine economy and our business.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In 2008, the Ministry
of Economy and Public Finance issued a resolution which applied variable export tariffs (retenciones m&oacute;viles) to the agricultural
sector, thereby increasing the tariffs applicable to such exports. The resolution caused a strong reaction by organizations and
individuals related to the agricultural sector, who considered the increase a direct confiscation of their private property. This
reaction was publicly evidenced by large-scale demonstrations all over the country, resulting in the largest agricultural strike
in Argentina&#146;s history, which included road blocks by strikers to prevent traffic of any freight related to agricultural
production. As a consequence, markets reacted adversely, causing a recession in local demand and a disruption in the local financial
markets. After a serious institutional crisis between the Argentine congress and the executive branch, the Argentine government
issued decrees limiting the effectiveness of the original resolution. However, we cannot assure you that the government&#146;s
dispute with the agricultural sector will not resume or whether a similar reaction or conflict with the same sector will not arise.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Moreover, a decision
of the Argentine government to pursue the creation of a National Grain Commission (Junta Nacional de Granos) could lead to a conflict
greater than the one originated by the increase of the variable export tariffs. See &#147;&mdash;Risks related to Argentina&mdash;Government
intervention in Argentina may have a direct impact on our result of operations or financial condition&#148;.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Although, to date, the
dispute has not materially affected us, we cannot assure you that a similar dispute will not arise and, if it were to arise, that
it will not have a material and adverse effect on our business, results of operations and financial condition in the future.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>The Argentine government
may order salary increases to be paid to employees in</I></B> <B><I>the private sector, which would increase our operating costs.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Argentine government
increased the minimum salary from 3,300 Argentine Pesos to 3,600 Argentine Pesos in January 2014, to 4,400 in September 2014 and
to 4,716 in January 2015 (equivalent to aggregate increase of 30% during 2014). Due to the high levels of inflation, employers
both in the public and private sectors are experiencing significant pressure from organized labor and their employees to further
increase salaries. During 2013 organized labor unions agreed with employers&#146; associations on salary increases between 22%
and 25%. Due to the acceleration of the devaluation and inflation during 2014 labor unions have agreed on salary increases of up
to 32%. During the beginning of 2015, labor unions are demanding salary increases of up to 30% provided that the Argentine government
agrees to pass an amendment increasing the minimum amount subject to the income tax and grant other non-remunerative benefits.
It is possible that the Argentine government could adopt measures establishing further minimum salary increases, and/or the provision
of additional employee benefits in the future. Any such measures could have a material and adverse effect on our business, results
of operations and financial condition.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>An increase in export
and import duties and controls may have an adverse impact on our</I></B> <B><I>sales.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Since 2002, the Argentine
government has imposed duties on the exports of various primary and manufactured products, including some of our products. During
the last ten years, such export taxes have undergone significant increases, reaching a maximum of 35% in the case of soybean. We
cannot assure you that there will not be further increases in the export taxes or that other new export taxes or quotas will not
be imposed. Imposition of new export taxes or quotas or a significant increase in existing export taxes or the application of export
quotas could adversely affect our financial condition or results of operations.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Pursuant to a resolution
of the AFIP since February 2012, prior to the execution of any purchase order or similar document, Argentine importers are required
to file before the AFIP a &#147;Prior Import Statement&#148; (Declaraci&oacute;n Jurada Anticipada de Importaci&oacute;n) providing
information on future imports. Compliance with this requirement will be verified by the Argentine Customs upon arrival of the goods
into Argentina and will be condition for the authorization of the payment of the purchase price by the Argentine financial entities.
Even though this is intended merely as an information regime, it may be used for purposes of restricting imports into Argentina.
A similar regime was also imposed in respect of the import and export of services, and could result in additional restrictions
being imposed on the payments made by Argentine residents on services provided by foreign residents. The imposition of this regime
may restrict the imports of goods and the import and export of services of our Argentine subsidiaries which may adversely affect
our financial conditions or results of operations.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On November 5, 2013,
the Central Bank issued Communication &#147;A&#148; 5493 restricting lending by domestic bank to large export companies (&#147;Grandes
Empresas Exportadoras&#148;) with the stated aim of increasing the flow of U.S. Dollars into Argentina. The objective of the new
law is to cause large export companies to seek financing from foreign institutions. We believe that the Company&#146;s subsidiaries
in Argentina should not be deemed to be Grandes Empresas Exportadoras and therefore should not be subject to these limitations
on borrowing from domestic banks. However, if the Company&acute;s subsidiaries in Argentina become subject to these limitations
in the future, the lack of access to financing in the domestic and foreign markets may have an adverse effect on the results of
our operations in Argentina and on the market price of our common shares.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Exchange controls
could restrict the inflow and outflow of funds in Argentina.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In 2001 and 2002, the
Argentine government implemented a number of monetary and currency exchange control measures that included restrictions on the
withdrawal of funds deposited with banks and stringent restrictions on the outflow of foreign currency from Argentina, including
for purposes of paying principal and interest on debt and distributing dividends.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Although most of these
restrictions were eased in the past, as a consequence of the increase of the demand in Argentina for U. S. Dollars and the capital
flows out of Argentina during 2011, the Argentine government imposed additional restrictions on the purchase of foreign currency
and on the transfer of funds from Argentina (e.g., to make portfolio investments) and reduced the time required to comply with
the mandatory transfer of funds into Argentina (e.g., the mandatory transfer into Argentina of the proceeds of loans disbursed
outside of Argentina or the mandatory repatriation of export receivables).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In October 2011 and
during 2012 and 2013, the Government of Argentina adopted informal restrictions on certain local companies and individuals for
purchasing foreign currency in response to the decrease in availability of U.S. dollars in Argentina. These restrictions consisted
of de facto measures restricting local residents and companies from purchasing foreign currency through the Argentine Single Free
Foreign Exchange Market (<I>Mercado &Uacute;nico y Libre de Cambios</I>, or &#147;FX Market&#148;) for the purpose of making
payments abroad, such as dividends, capital reductions, and payment for importation of goods and services. Other exchange controls
could impair or prevent the conversion of anticipated dividends, distributions, or the proceeds from any sale of equity holdings
in Argentina, as the case may be, from Argentine pesos into U.S. dollars and the remittance of the U.S. dollars abroad. These restrictions
and controls could interfere with the ability of our Argentine subsidiaries to make distributions in U.S. dollars to us and thus
our ability to pay dividends in the future.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Since January 2012,
the term for mandatory transfer of foreign currency denominated indebtedness in Argentine pesos was reduced from 365 days to 30
or 10 days following disbursement depending on the indebtedness. Accordingly, we may face difficulties in the payment of external
debt obligations from Argentina, we may not be able to fund and/or finance our operations in Argentina, or we may not be able to
distribute dividends from Argentina. Additionally, by means of resolution 142/2012 issued by the Ministry of Economy and Public
Finance on April 24, 2012, and Communication &#147;A&#148; 5300 issued by the Central Bank on April 27, 2012, the term to comply
with the mandatory transfer into Argentina of export proceeds was reduced to 15 days following shipment. This last term was increased
to 30 days pursuant to Resolution 231/2012 issued by the Ministry of Economy and Public Finance on May 24, 2012. These restrictions
and requirements, and any additional exchange controls and transfer restrictions in the future that may be adopted by the Argentine
government in response to capital flight or a depreciation of the Argentine peso, could adversely affect our financial condition
and the results of our operations, or the market price of our common shares.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Changes in the Argentine
tax laws may adversely affect the results of our operations.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On September 23, 2013,
Law No. 26,893 amending the Income Tax Law was enacted. According to the amendments the distribution of dividends is subject to
income tax at a rate of 10% and the&nbsp;sale, exchange or disposition of shares and other securities not trading in or listed
in capital markets and securities exchanges is subject to income tax at a rate of 15%. These amendments may adversely affect the
results of our Argentine subsidiaries&#146; operations; and adversely impact the results of the sale or disposition of our Argentine
subsidiaries&#146; shares.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Risks Related to Brazil</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Brazilian economic
and political conditions and perceptions of these conditions</I></B> <B><I>in international markets have a direct impact on our
business and our access to</I></B> <B><I>international capital and debt markets and could adversely affect our results</I></B>
<B><I>of operations and financial condition.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A significant portion
of our operations, properties and customers are located in Brazil. Accordingly, our financial condition and results of operations
are substantially dependent on economic conditions in Brazil. The Brazilian economy has experienced significant volatility in recent
decades, characterized by periods of low or negative growth, high and variable levels of inflation and currency devaluation. Brazil&#146;s
GDP, in real terms, grew by 6.1% in 2007, 5.1% in 2008, decreased 0.2% in 2009, increased by 7.5% in 2010, increased 3.0% in 2011,
increased 0.9% in 2012, and increased 2.3% in 2013 and 0.2 % in 2014. We cannot assure you that GDP will increase or remain stable
in the future. Future developments in the Brazilian economy may affect Brazil&#146;s growth rates and, consequently, the consumption
of sugar, ethanol, and our other products. As a result, these developments could impair our business strategies, results of operations
and financial condition.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Historically, Brazil&#146;s
political situation has influenced the performance of the Brazilian economy, and political crisis have affected the confidence
of investors and the general public, which has resulted in economic deceleration and heightened volatility in the securities issued
abroad by Brazilian companies. Future developments in policies of the Brazilian government and/or the uncertainty of whether and
when such policies and regulations may be implemented.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Changes in Brazilian
tax laws may increase our tax burden have a material adverse impact on the taxes applicable to our business</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Brazilian government
frequently implements changes to the Brazilian tax regime that may affect us and our clients. These changes include changes in
prevailing tax rates and, occasionally, imposition of temporary taxes, the proceeds of which are earmarked for designated government
purposes. Some of these changes may result in increases in our tax payments, which could adversely affect industry profitability
and increase the prices of our products, restrict our ability to do business in our existing and target markets and cause our financial
results to suffer. For example, in September 2011, the Brazilian government introduced a tax on currency derivative securities
transactions (&#147;IOF/Securities&#148;) (where the underlying asset is linked to fluctuations in foreign currency exchange
rates relative to the Reais) that are executed through the Brazilian markets at the time of the acquisition, sale or maturity of
IOF/Securities. The tax is calculated at the rate of 1.0% on the notional adjusted value of the financial derivative transaction.
On March 1, 2012, the Brazilian government issued new regulations effective immediately relating to new export prepayment financing,
limiting the tenor of these financings to 360 days and excluding financial institutions as eligible lenders. In addition, the Brazilian
government implemented a 6% IOF/Exchange tax rate applicable to foreign exchange transactions related to financing from foreign
financial institutions (&#147;IOF/Exchange&#148;) on loan transactions with an average maturity of less than five years and reduced
the IOF/Exchange rate for 360 days. In December 2012, the Brazilian government modified the regulation, allowing early receipt
of resources for Brazilian exporters, for prepayment export facilities by importers or any corporate entity operating abroad, including
financial institutions, without any incidence of taxes in certain cases. In June 2013, the Brazilian Government revoked those measures,
and reduced to 0% of the IOF tax on inflows of investment capital destined to investments in fixed income as well in derivative
securities transactions. The effects of these changes and any other change that could result from the enactment of additional legislation
cannot be quantified. We cannot assure you that we will be able to maintain our projected cash flow and profitability following
any increases in Brazilian taxes applicable to us and our operations.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Widespread corruption
and fraud relating to ownership of real estate may</I></B> <B><I>adversely affect our business, especially our land transformation
business.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Under Brazilian Legislation,
real property ownership is normally transferred by means of a transfer deed, and subsequently registered at the appropriate Real
Estate Registry Office under the corresponding real property record. There are uncertainties, corruption and fraud relating to
title ownership of real estate in Brazil, mostly in rural areas. In certain cases, the Real Estate Registry Office may register
deeds with errors, including duplicate and/or fraudulent entries, and, therefore, deed challenges frequently occur, leading to
judicial actions. Property disputes over title ownership are frequent in Brazil, and, as a result, there is a risk that errors,
fraud or challenges could adversely affect us.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As an example, the Instituto
Nacional de Coloniza&ccedil;&atilde;o e Reforma Agr&aacute;ria (&#147;INCRA&#148;) conducted an investigation to determine the
falsehood of the Certificado de Cadastro do Im&oacute;vel Rural (&#147;CCIR&#148;) delivered to us by the former owner of Rio
de Janeiro Farm (the &#147;Farm&#148;) in January 2005 when we acquired the Farm. The INCRA also conducted another investigation
related to the cadeia dominial of the Farm to determine the correct chain of ownership through the successive transfers of ownership
of the Farm, for the purpose of confirming that the <I>destaque publico</I> occurred, which refers to the transfer of land ownership
from the State to a private owner, or that the State does not have an interest in claiming the ownership of the Farm. While, the
INCRA found no regularity that could jeopardize the acquisition deed or affect the ownership of Rio de Janeiro Farm we are currently
waiting for INCRA to conclude its investigation.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Social movements and
the possibility of expropriation may affect the normal use</I></B> <B><I>of, damage, or deprive us of the use of or fair value
of, our properties.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Social movements, such
as Movimento dos Trabalhadores Rurais Sem Terra and Comiss&atilde;o Pastoral da Terra, are active in Brazil and advocate land reform
and mandatory property redistribution by the federal government. Land invasions and occupations of rural areas by a large number
of individuals is common practice for these movements, and, in certain areas, including those in which we have invested or are
likely to invest, police protection and effective eviction proceedings are not available to land owners. As a result, we cannot
assure you that our properties will not be subject to invasion or occupation by these groups. A land invasion or occupation could
materially impair the normal use of our lands or have a material adverse effect on our results of operations, financial condition
or the value of our common shares In addition, our land may be subject to expropriation by the federal government. Under Article
184 of the Brazilian Constitution, the federal government may expropriate land that is not in compliance with mandated local &#147;social
functions&#148;. A &#147;social function&#148; is defined in Article 186 of the Brazilian Constitution as (i) rational and adequate
exploitation of land,; (ii) adequate use of natural resources available and preservation of the environment, (iii) compliance with
labor laws, and (iv) exploitation of land to promote welfare of owners and employees. If the Brazilian government decides to expropriate
any of our properties, our results of operations may be adversely affected, to the extent that potential compensation to be paid
by the federal government may be less than the profit we could make from the sale or use of such land. Disputing the federal government&#146;s
expropriation of land is usually time-consuming and the outcomes at of such challenges are uncertain. In addition, we may be forced
to accept public debt bonds, which have limited liquidity, as compensation for expropriated land instead of cash.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Recent changes in
Brazilian rules concerning foreign investment in rural</I></B> <B><I>properties may adversely affect our investments.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Brazilian Federal Law
No. 5,709, effective October 7, 1971 (&#147;Law 5709&#148;) established certain restrictions on the acquisition of rural property
by foreigners, including that (i) foreign investors may only acquire rural properties in which agricultural, cattle-raising, industrial
or colonization projects are going to be developed as approved by the relevant authorities; (ii) the total rural area to be acquired
by a foreign investor cannot exceed one quarter of the surface of the municipality where it is located, and foreigners with the
same nationality may not own, cumulatively, more than 10% of the surface of the municipality in which it is located; and (iii)
the acquisition or possession (or any in rem right) by a foreigner of rural property situated in an area considered important to
national security must be previously approved by the General Office of the National Security Council (Secretaria-Geral do Conselho
de Seguran&ccedil;a Nacional). Pursuant to Article 23 of Law No. 8,629, of February 25, 1993 (&#147;Law 8629&#148;), the restrictions
mentioned in items (i) and (ii) above established by Law 5709 are also applicable for rural lease agreements executed by foreigners.
&#147;Parcerias Agr&iacute;colas&#148; (agriculture partnerships agreements) have not been subject to these restrictions. Although,
a broader interpretation of the existing regulations could have also included these agreements within the limitations for foreigners,
the Federal General Attorney&#146;s Office (&#147;AGU&#148;) on October 8, 2012 issued a legal opinion 005/2012, pursuant to
which the AGU confirmed the understanding that the &#147;Parcerias Rurais&#148; are not subject to the restrictions or limitations
of Law 5709. In addition, pursuant to Law 8629, the acquisition or lease by a foreigner of a rural property exceeding 100 m&oacute;dulos
de explora&ccedil;&atilde;o indefinida&nbsp;&nbsp;- &#147;MEI,&#148; a measurement unit defined by the Regional Superintendence
of the National Institute of Colonization and Land Reform (Superintendencia Regional do Instituto Nacional de Coloniza&ccedil;ao
e Reforma Agr&aacute;ria &ndash; &#147;INCRA&#148;) must be previously approved by the Brazilian National Congress. Law 5709
also establishes that the same restrictions apply to Brazilian companies that are directly or indirectly controlled by foreign
investors. Any acquisition or lease of rural property by foreigners in violation of the terms of Law 5709 would be considered null
and void under Brazilian law.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">However, the Brazilian
Constitution enacted in 1988 and its amendments, in particular Constitutional Amendment No. 6, of August 15, 1995, provides that
(i) no restrictions on the acquisition of rural land in Brazil should apply to Brazilian companies; and (ii) any company incorporated
and headquartered in Brazil and controlled by foreign investors must receive the same treatment as any other company incorporated
and headquartered in Brazil and controlled by Brazilian investors. Since the enactment of the Brazilian Constitution in 1988, the
interpretation had been that the restrictions imposed by Federal Law 5709 on the acquisition or lease of rural property above-mentioned
did not apply to Brazilian companies controlled by foreigners, pursuant to legal opinion No. GQ-22, issued by the AGU in 1994,
which was ratified by legal opinion No. GQ-181, also issued by the AGU in 1998. However, the Brazilian Justice National Council
issued an Official Letter on July 13, 2010 addressed to all the Brazilian local State Internal Affairs Bureaus in order for them
to adopt procedures within sixty (60) days and instruct the local State Notary and Real Estate Registry Offices to observe the
restrictions of the Brazilian law on the acquisitions of rural land by Brazilian companies with foreign equity holders. Thereafter,
on August 19, 2010, the AGU revised its prior opinion, and published a new legal opinion which: (i) revoked the AGU&#146;s legal
opinions No. GQ-22 and GQ-181; and (ii) confirmed that Brazilian entities controlled by foreigners should be subject to the restrictions
described above, and transactions entered into by foreigners in connection with the acquisition of rural properties would be subject
to approval from INCRA, the Ministry of Agrarian Development and the Brazilian National Congress, when applicable. This revised
opinion was ratified by the President of Brazil and published in the Official Gazette of the Federal Executive on August 23, 2010,
becoming effective as of such date. We believe that the acquisitions of rural properties by Brazilian companies directly or indirectly
controlled by foreigners registered in the appropriate real estate registry prior to August 23, 2010 are not affected by the AGU&#146;s
legal opinion. As a confirmation of such understanding, pursuant to the Joint Normative Ruling N. 1 issued on September 27, 2012
by the Ministries of: (i) Agricultural Development; (ii) Agriculture, Cattle-raising and Supply; (iii) Industry Development and
Foreign Commerce; and (iv) Tourism (the &#147;Joint Normative Ruling N. 1&#148;); and the Normative Ruling/IN INCRA No.76, issued
on August 23, 2013, a Brazilian company controlled by foreign individuals or companies which acquired or leased rural properties,
by means of an act or agreement entered into from June 7, 1994 and August 22, 2010, may register such property before the National
System of Rural Registry (Sistema Nacional de Catastro Rural-SNCR), without any administrative sanction. However, as of said date,
the acquisition and leasing of rural land in Brazil, including through corporate transactions, will be subject to the above-mentioned
restrictions, and will require several additional layers of review and approvals, which may be discretionary (including the approvals
from INCRA, Ministry of Agrarian Development and the Brazilian National Congress, when applicable), burdensome and time consuming.
Additionally, the Joint Normative Ruling N. 1 sets forth the administrative procedures applicable to requests for authorization
for the acquisition or lease of rural properties by foreign investors pursuant to Law 5709. Under the Joint Normative Ruling, in
order to obtain the authorization for the acquisition or lease of rural properties, foreign investors must present a project proposal
to the INCRA, containing: (i) the rationale for the relationship between the property to be acquired or leased and the project
size; (ii) physical and financial schedule of the investment and implementation of the project; (iii) use of official credit (governmental
funds) for the total or partial finance of the project; (iv) logistic viability of the execution of the project and, in case of
an industrial project, proof of compatibility between the local industrial sites and the geographic location of the lands; and
(v) proof of compatibility with the criteria established by the Brazilian Ecological and Economical Zoning (Zoneamento Ecol&oacute;gico
Econ&oacute;mico do Brasil- ZEE), relating to the location of the property.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">While we conduct our
operations in Brazil through local subsidiaries, we would be considered a foreign controlled entity within the meaning of the restrictions
articulated above. Therefore, if we are not able to comply with these restrictions and obtain the required approvals in connection
with future acquisitions or lease transactions, our business plan, contemplated expansion in Brazil and results of operations will
be adversely affected.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Furthermore, there is
currently proposed legislation under review in the Brazilian National Congress regarding the acquisition of rural land by Brazilian
companies controlled by foreign holders, which if approved may further limit and restrict the investments of companies with foreign
equity capital in rural land in Brazil. Such further restrictions, if adopted, may place more strain on our ability to expand our
operations in Brazil.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>The Brazilian government
has exercised, and continues to exercise, significant</I></B> <B><I>influence over the Brazilian economy.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Brazilian government
frequently intervenes in the Brazilian economy and occasionally makes significant changes in policy and regulations. The Brazilian
government&#146;s actions to control inflation and other policies and regulations have often involved, among other measures,
increases in interest rates, changes in tax policies, price controls, currency devaluations, capital controls and limits on exports
and imports. We may be adversely affected by changes in policy or regulations involving or affecting factors such as:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 92%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">interest rates;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">monetary policy;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">limitation on ownership of rural land by foreigners;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">exchange controls and restrictions on remittances abroad;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">currency fluctuations;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">inflation;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the liquidity of domestic capital and financial markets;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">tax policy; and</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">other political, social and economic policies or developments in or affecting Brazil.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Uncertainty over whether
the Brazilian government will implement changes in policy or regulations affecting these or other factors in the future may contribute
to economic uncertainty in Brazil and to heightened volatility in the Brazilian securities markets and securities issued abroad
that are supported by Brazilian issuers. As a result, these uncertainties and other future developments in the Brazilian economy
may adversely affect our business, financial condition and results of operations and may adversely affect the price of our common
shares.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Our business in Brazil
is subject to governmental regulation.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our Brazilian operations
are subject to a variety of national, state, and local laws and regulations, including environmental, agricultural, health and
safety and labor laws. We invest financial and managerial resources to comply with these laws and related permit requirements.
Our failure to do so could subject us to fines or penalties, enforcement actions, claims for personal injury or property damages,
or obligations to investigate and/or remediate damage or injury. Moreover, if applicable laws and regulations, or the interpretation
or enforcement thereof, become more stringent in the future, our capital or operating costs could increase beyond what we currently
anticipate, and the process of obtaining or renewing licenses for our activities could be hindered or even opposed by the competent
authorities.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We are also subject
to several laws and regulations, among others, imposed in Brazil by (i) the National Agency of Petroleum, Natural Gas and Biofuels
(<I>Ag&ecirc;ncia Nacional do Petr&oacute;leo</I>, <I>G&aacute;s Natural e Biocombust&iacute;vel(&#147;ANP&#148;)</I>) and by
the Brazilian Electricity Regulatory Agency (<I>Ag&ecirc;ncia Nacional de Energia El&eacute;trica</I>) (&#147;ANEEL&#148;) due
to our production of sugarcane and ethanol and (ii) the Ministry of Agriculture, Breeding Cattle and Supply (<I>Ministerio da Agricultura</I>,
<I>Pecuaria e Abastecimento(&#147;MAPA&#148;)</I>), due to our agricultural, sugarcane and ethanol production activities. If
an adverse final decision is issued in an administrative process, we could be exposed to penalties and sanctions derived from the
violation of any of these laws and regulations, including the payment of fines, and, depending on the level of severity applied
to the infraction, the closure of facilities and/or stoppage of activities and the cancellation or suspension of the registrations,
authorizations and licenses, which may also result in temporary interruption or discontinuity of activities in our plants, and
adversely affect our business, financial status, and operating results.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Government laws and
regulations in Brazil governing the burning of sugarcane</I></B> <B><I>could have a material adverse impact on our business or
financial performance.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In Brazil, a relevant
percentage of sugarcane is currently harvested by burning the crop, which removes leaves in addition to eliminating insects and
other pests. The states of S&atilde;o Paulo, Minas Gerais and Mato Grosso do Sul, among others, have established laws and regulations
that limit and/or entirely prohibit the burning of sugarcane and there is a likelihood that increasingly stringent regulations
will be imposed by those states and other governmental agencies in the near future.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Such limitations arise
from a Brazilian Federal Decree that set forth the complete elimination of the harvest by burning the crop until 2018 in areas
where it is possible to carry out mechanized harvest. In the state of Minas Gerais, the deadline imposed by the State Government
for the elimination of the harvest by burning the crop is 2014, for areas with declivity lower than 12%, and for areas with declivity
higher than 12%, they are subject to an additional term at the discretion of the State Environmental Agency, on a case by case
basis. Nevertheless, in the state of Mato Grosso do Sul. The current deadline is 2018 for the elimination of harvest by burning
the crop for areas where &nbsp;mechanized harvest can be carried out, as per the Brazilian Federal Decree.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We currently make significant
investments to comply with these laws and regulations. Although our plans for the implementation of mechanized harvesting are underway,
with 90.0% of our sugarcane harvest mechanized during the 2012-2013 harvest, the strengthening of these laws and regulations or
the total prohibition of sugarcane burning would require us to increase our planned investment in harvesting equipment, which,
in turn, would limit our ability to fund other investments. In addition, the state of S&atilde;o Paulo has imposed an obligation
on growers to dedicate a certain percentage of land used for sugarcane cultivation for native or reclaimed forest area. The cost
of setting aside this land is difficult to predict and may increase costs for us or our sugarcane suppliers. As a result, the costs
to comply with existing or new laws or regulations are likely to increase, and, in turn, our ability to operate our plants and
harvest our sugarcane crops may be adversely affected.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Risks Related to a Luxembourg
Company</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>We are a Luxembourg
corporation (&#147;soci&eacute;t&eacute; anonyme&#148;) and it may be difficult for</I></B> <B><I>you to obtain or enforce judgments
against us or our executive officers and</I></B> <B><I>directors in the United States.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We are organized under
the laws of the Grand Duchy of Luxembourg. Most of our assets are located outside the United States. Furthermore, most of our directors
and officers and the experts named in this annual report reside outside the United States, and most of their assets are located
outside the United States. As a result, you may find it difficult to effect service of process within the United States upon these
persons or to enforce outside the United States judgments obtained against us or these persons in U.S. courts, including judgments
in actions predicated upon the civil liability provisions of the U.S. federal securities laws. Likewise, it may also be difficult
for you to enforce in U.S. courts judgments obtained against us or these persons in courts located in jurisdictions outside the
United States, including actions predicated upon the civil liability provisions of the U.S. federal securities laws. It may also
be difficult for an investor to bring an action in a Luxembourg court predicated upon the civil liability provisions of the U.S.
federal securities laws against us or these persons. Luxembourg law, furthermore, does not recognize a shareholder&#146;s right
to bring a derivative action on behalf of the company.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Service of process
within Luxembourg upon the Company may be possible, provided that The Hague Convention on the Service Abroad of Judicial and Extrajudicial
Documents in Civil or Commercial Matters of November 15, 1965 is complied with. As there is no treaty in force on the reciprocal
recognition and enforcement of judgments in civil and commercial matters between the United States and the Grand Duchy of Luxembourg,
courts in Luxembourg will not automatically recognize and enforce a final judgment rendered by a U.S. court. The enforceability
in Luxembourg courts of judgments entered by U.S. courts will be subject prior any enforcement in Luxembourg to the procedure
and the conditions set forth in particular in the Luxembourg procedural code, which conditions may include the following (subject
to court interpretation which may evolve):&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 92%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the judgment of the U.S. court is final and duly enforceable (<I>ex&eacute;cutoire</I>) in the United States;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 92%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the U.S. court had jurisdiction over the subject matter leading to the judgment (that is, its jurisdiction was established in compliance both with Luxembourg private international law rules and with the applicable domestic U.S. federal or state jurisdictional rules);</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the U.S. court has applied to the dispute the substantive law which would have been applied by Luxembourg courts;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the judgment was granted following proceedings where the counterparty had the opportunity to appear, and if it appeared, to present a defense;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the U.S. court has acted in accordance with its own procedural laws; and</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the judgment of the U.S. court does not contravene Luxembourg international public policy.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Under our articles of
incorporation, we indemnify and hold our directors harmless against all claims and suits brought against them, subject to limited
exceptions. Under our articles of incorporation, to the extent allowed or required by law, the rights and obligations among or
between us, any of our current or former directors, officers and company employees and any current or former shareholder will be
governed exclusively by the laws of Luxembourg and subject to the jurisdiction of the Luxembourg courts, unless such rights or
obligations do not relate to or arise out of their capacities as such. Although there is doubt as to whether U.S. courts would
enforce such provision in an action brought in the United States under U.S. securities laws, such provision could make the enforcement
of judgments obtained outside Luxembourg more difficult as to the enforcement against our assets in Luxembourg or jurisdictions
that would apply Luxembourg law.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>You may have more
difficulty protecting your interests than you would as a</I></B> <B><I>shareholder of a U.S. corporation.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our corporate affairs
are governed by our articles of incorporation and by the laws governing joint stock companies organized under the laws of the Grand
Duchy of Luxembourg as well as such other applicable local law, rules and regulations. The rights of our shareholders and the responsibilities
of our directors and officers under Luxembourg law are different from those applicable to a corporation incorporated in the United
States. There may be less publicly available information about us than is regularly published by or about U.S. issuers. Also, Luxembourg
regulations governing the securities of Luxembourg companies may not be as extensive as those in effect in the United States, and
Luxembourg law and regulations in respect of corporate governance matters may not be as protective of minority shareholders as
state corporation laws in the United States. Therefore, you may have more difficulty protecting your interests in connection with
actions taken by our directors and officers or our principal shareholders than you would as a shareholder of a corporation incorporated
in the United States.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>You may not be able
to participate in equity offerings, and you may not receive</I></B> <B><I>any value for rights that we may grant.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Pursuant to Luxembourg
corporate law, existing shareholders are generally entitled to preemptive subscription rights in the event of capital increases
and issues of shares against cash contributions. However, under our articles of incorporation, the board of directors has been
authorized to waive, limit or suppress such preemptive subscription rights until the fifth anniversary of the publication of the
authorization granted to the board in respect of such waiver by the general meeting of shareholders. The current authorization
is valid until April 22, 2016 and we expect to seek a renewal and/extension of such authorization thereafter.&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 4.</B></FONT></TD>
    <TD STYLE="width: 90%; text-align: justify"><A NAME="a011v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Information on the Company</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>A.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a012v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>HISTORY AND DEVELOPMENT OF THE COMPANY</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>General Information</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Adecoagro is a Luxembourg
<I>soci&eacute;t&eacute; anonyme </I>(a joint stock company). The Company&#146;s legal name is &#147;Adecoagro S.A.&#148; Adecoagro
was incorporated on June 11, 2010 and on October 26, 2010 all the outstanding shares of Adecoagro were acquired by IFH.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>




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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On October 30, 2010,
the members of IFH transferred pro rata approximately 98% of their membership interests in IFH to Adecoagro in exchange for common
shares of Adecoagro. On January 28, 2011, Adecoagro completed the IPO of its shares listed on the New York Stock Exchange (&#147;NYSE&#148;).
The shares are traded under the symbol &#147;AGRO.&#148;&nbsp;&nbsp;During 2011, we contributed net proceeds of the IPO to increase
our interest in IFH from 98% to 98.64%. In a series of transactions during 2012, we transferred shares of Adecoagro to certain
limited partners of IFH in exchange for their residual interest in IFH increasing our interest in IFH to approximately 100%.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On March 27, 2015,&nbsp;&nbsp;Adecoagro
commenced a series of transactions for the purpose of&nbsp;&nbsp;transfering the domicile of Adecoagro LP to Luxembourg. In connection
with the Adecoagro LP redomiciliation, Adecoagro merged IFH into Adecoagro LP with Adecoagro LP as the surviving entity and Adecoagro
GP S.a.r.l., a societe responsibilitie limitee organized under the laws of Luxembourg, became he general partner of Adecoagro LP
on April 1, 2015.&nbsp;&nbsp;Also on April 1, 2015, Adecoagro completed the redomiciliation of Adecoagro LP out of&nbsp;&nbsp;Delaware&nbsp;&nbsp;to
Luxembourg and Adecoagro LP without dissolution or liquidation, continued&nbsp;&nbsp;its corporate existence as Adecoagro LP S.C.S.,
a societe en commandite simple organized under Luxembourg law, effective April 2, 2015.&nbsp;&nbsp;For a detailed description of
the Adecoagro LP redomiciliation please see &#147; Corporate Development &#148; below.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Adecoagro is registered
with the Luxembourg Registry of Trade and Companies under number B153681. Adecoagro has its registered office at 6, Rue Eug&egrave;ne
Ruppert, L-2453, Luxembourg, Grand Duchy of Luxembourg. Our telephone number is (+352) 264491.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>History</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In September 2002, we
commenced our operations with the acquisition of 100% of the equity interests of Pecom Agropecuaria S.A., an Argentine corporation
(<I>sociedad an&oacute;nima</I>), and we rapidly became one of the largest agricultural companies in Argentina. Involving more
than 74,000 hectares of farmland, this acquisition represented one of the largest stock purchase transactions in South America
in 2002. In connection with the acquisition, Pecom Agropecuaria S.A. changed its name to Adeco Agropecuaria S.A. (&#147;Adeco
Agropecuaria&#148;). Adeco Agropecuaria was the platform from which we executed our expansion plans, including the acquisition
of additional land and the diversification of our business activities.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In 2004, we began our
regional expansion and acquired our farm in Uruguay (approximately 5,086 hectares) and three farms in Western Bahia Brazil (20,419
hectares). In 2005, we continued the expansion of our crop business in Argentina with the acquisitions of La Agraria S.A. (approximately
4,857 hectares) and Establecimientos El Orden S.A. and Cavok S.A. (approximately 15,157 hectares) and Las Horquetas farm (2,086
hectares).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In 2005, we acquired
our first sugar and ethanol mill, Usina Monte Alegre S.A. (&#147;UMA&#148;), with a crushing capacity of 0.9 million tons of
sugarcane per year at that time. UMA became our platform for expansion in the Brazilian sugar and ethanol sector.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In 2006 and 2007, we
continued our land portfolio expansion and vertical integration through the acquisitions of Pilag&aacute; S.A. (formerly Pilag&aacute;
S.R.L. and before that, Pilag&aacute; S.A.G.), one of the largest and oldest agriculture companies in Argentina, with more than
88,000 hectares and two rice processing facilities, and one additional farm of approximately 2,400 hectares in Argentina and two
farms of approximately 4,000 hectares in Brazil for the production of crops. Also, in December 2007, we acquired Ba&ntilde;ado
del Salado S.A. and Agro Invest S.A., with more than 43,000 hectares for crop production in Argentina, and one farm in Uruguay
of approximately 3,177 hectares.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During 2007, we also
began the expansion of our dairy business in Argentina. After five years of research, we began the construction of a &#147;free-stall&#148;
dairy facility with a capacity to milk 3,000 cows.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In Brazil, during 2007,
we began the construction of a sugarcane cluster in Mato Grosso do Sul with a projected 10.0 million tons of sugarcane crushing
capacity.&nbsp;&nbsp;Angelica was the first greenfield mill we built from inception, with a nominal crushing capacity of 4.0 million
tons. We also bought approximately 13,000 hectares of farmland for the planting of sugarcane to supply the mill. Angelica began
operating during August 2008, and reached full operational capacity during April 2010.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Additionally, in August
2010, we acquired Dinaluca S.A., an agricultural company consisting of a farm located in the province of Corrientes, Argentina,
and with more than 14,000 hectares for crop production in Argentina. Further, between August and November 2011, we acquired: (i)
Compa&ntilde;&iacute;a Agroforestal de Servicios y Mandatos S.A., an agricultural Argentine company owning more than 4,900 hectares
of land in the province of Santiago del Estero, (ii) Simoneta S.A., an agricultural Argentine company owner of more than 4,600
hectares of land in the province of La Pampa, and (iii)&nbsp;&nbsp;3,400 hectares of land for crop production in the province of
San Luis, Argentina.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During 2012, we began
the construction of our second free stall dairy facility in Argentina, with a capacity of 3,500 milking cows.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On Februrary 26, 2013,
Adecoagro formed CHS Agro S.A., a joint venture with a leading farmer-owned energy, grains and foods company based in the United
States. We hold 50% interest in CHS Agro. CHS Agro will build a sunflower processing facility located in the city of Pehuajo, Province
of Buenos Aires, Argentina. The facility will process blackoil and confectionary sunflower into speciatly products such as in-shell
seeds and oil seeds, which will be entirely exported to markets in Europe and the Middle East. The joint venture will grow confectionary
sunflower on leased farms, while blackoil sunflower will be originated from third parties. As of December 31, 2014 We and CHS Inc.
have made&nbsp;&nbsp;individual capital contributions to CHS Agro of approximately US$ 4 million each.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During March 2013, we
began the construction of the second greenfield project in our sugarcane cluster in Mato Grosso do Sul. The Ivinhema mill, with
5.0 million tons of sugarcane crushing capacity and located 45 km south of Angelica, would consolidate our cluster, generating
important synergies and economies of scale, improving operational margins and free cash flow. Ivinhema was built in two phases:
the first phase with 2.0 million tons of capacity was completed during April 2012 and&nbsp;&nbsp;the second phase, of 3.0 million
tons of crushing capacity was, as of the date of this report is essentially complete. Assembly and commissioning of minor equipment
will continue until the end of May 2015.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Corporate Development</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On October 30, 2010,
as part of the corporate reorganization, referred to herein as the Reorganization, AFI Ltd., a subsidiary of IFH LLC and the parent
of Adecoagro LLC, distributed its interest in Adecoagro LLC to IFH LLC and commenced a process of dissolution, making IFH LLC the
direct parent of Adecoagro LLC. Thereafter, our shareholders transferred pro rata 98% of their membership interests in IFH LLC
to Adecoagro (a corporation organized under the laws of the Grand Duchy of Luxembourg with no prior holdings or operations, formed
for the purpose, among others, of facilitating our IPO) in exchange for 100% of the common shares of Adecoagro.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In connection with the
Reorganization, Adecoagro converted IFH LLC from a limited liability company to IFH LP, a Delaware limited partnership. owned 2%
by our shareholders, approximately 98% by Adecoagro, in each case as limited partners, and the remainder by Ona Ltd., a newly formed
Maltese corporation, as its general partner. Adecoagro LLC was also converted to Adecoagro LP, a Delaware limited partnership,
owned approximately 100% by IFH LP as limited partner, and the remainder by Toba Ltd., a newly formed Maltese corporation, as its
general partner.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On January 28, 2011,
we successfully completed our initial public offering of our shares listed on the NYSE and on February 2, 2011 we issued 28,405,925
shares, at a price of US$11 per share. The shares trade under the symbol &#147;AGRO.&#148;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On February 2, 2011,
we also issued and sold to Al Gharrafa Investment Company (&#147;Al Gharrafa&#148;), a wholly owned subsidiary of Qatar Holding
LLC and one of our shareholders, 7,377,598 common shares at a purchase price of $10.65 per share, which is equal to the price per
common share paid by the underwriters of our initial public offering of the Company, pursuant to an agreement entered into on January
6, 2011. In addition, on February 11, 2011, we issued 4,285,714 shares when the over-allotment option was exercised by the underwriters
in our IPO.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During 2012, the Company
issued in a series of transactions 1,654,752 shares to certain limited partners of IFH in exchange for their residual interest
in IFH increasing Adecoagro&#146;s interest in IFHto approximately 100%.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On February 26, 2013,
Adecoagro formed CHS Agro S.A., a joint venture with CHS Inc. (www.chsinc.com) a leading farmer-owned energy, grains and foods
company based in the United States. We hold 50% interest in CHS Agro. CHS Agro will build a sunflower processing facility located
in the city of Pehuajo, Province of Buenos Aires, Argentina. The facility will process blackoil and confectionary sunflower into
specialty products such as in-shell seeds and oil seeds, which will be entirely exported to markets in Europe and the Middle East.
The joint venture will grow confectionary sunflower on leased farms, while blackoil sunflower will be originated from third parties.
As of December 31, 2014 We and CHS Inc. have made&nbsp;&nbsp;a capital contribution to CHS Agro of approximately US$ 4 million
each.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On February 5, 2013,
we completed an underwritten secondary offering of 13.9 million common shares of Adecoagro offered by our shareholder, HBK Master
Fund LP at a price per share to the public of $8.00 pursuant to an effective shelf registration statement on Form F-3 filed with
the SEC.&nbsp;&nbsp;On February 13, 2013, HBK Master Fund LP sold an additional 2,1 million common shares of Adecoagro pursuant
to the overallotment option it granted to&nbsp;&nbsp;the underwriter in the secondary offering.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On March 27, 2015, Adecoagro
commenced a series of transactions for the purpose of&nbsp;&nbsp;transfering the domicile of Adecoagro LP to Luxembourg. In connection
with the Adecoagro LP redomiciliation, Adecoagro merged IFH LP into Adecoagro LP with Adecoagro LP as the surviving entity. In
connection with this merger, all of the assets and liabilities of IFH L.P. vested in Adecoagro LP, Ona Ltd became its general partner
and Toba Ltd became a wholly owned subsidiary of Adecoagro LP. In connection with the transactions completed on March 27, 2015,
Ona Ltd. assigned its general partnership interest in Adecoagro LP to Adecoagro GP S.a.r.l., <I>a societe responsibilitie limitee</I>
organized under the laws of Luxembourg, on April 1, 2015. Also on April 1, 2015, Adecoagro completed the redomiciliation of Adecoagro
LP out of&nbsp;&nbsp;Delaware to Luxembourg and Adecoagro LP, without dissolution or liquidation, continued its corporate existence
as Adecoagro LP S.C.S., <I>a societe en commandite simple</I> organized under Luxembourg law, effective April 2, 2015. Since that
date the affairs of Adecoagro LP S.C.S. have been governed by its by-laws and Luxembourg law. Set forth below is a corporate structure
as of April 2, 2015</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 72pt; font: 10pt Sans-Serif; color: Red"><IMG SRC="img002_v2.jpg" ALT="(GRAPHIC)"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Principal Capital
Expenditures</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Capital expenditures
totaled $322.9 million, $232.1 million and $335.2 million for the years ended December 31, 2014, 2013 and 2012, respectively.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For a discussion of
our capital expenditures and future projections, see &#147;Item 5. Operating and Financial Review and Prospects&mdash;B. Liquidity
and Capital Resources&mdash;Capital Expenditure Commitments.&#148;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>B.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 85%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="a013v2"></A>BUSINESS OVERVIEW</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Our Company</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We are a leading agricultural
company in South America, with operations in Argentina, Brazil and Uruguay. We are currently involved in a broad range of businesses,
including farming crops and other agricultural products, dairy operations, sugar, ethanol and energy production and land transformation.
Our sustainable business model is focused on (i) a low-cost production model that leverages growing or producing each of our agricultural
products in regions where we believe we have competitive advantages, (ii) reducing the volatility of our returns through product
and geographic diversification and use of advanced technology, (iii) benefiting from vertical integration in key segments of the
agro-industrial chain, (iv) acquiring and transforming land to improve its productivity and realizing land appreciation through
strategic dispositions; and (v) implementing sustainable production practices and technologies focused on long term profitability.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31, 2014,
we owned a total of 257,036 hectares, comprised of 20 farms in Argentina, 11 farms in Brazil and one farm in Uruguay. In addition
we own and operate several agro-industrial production facilities including three rice processing facilities in Argentina, two dairy
facilities with approximately 6,551 milking cows in Argentina and 10 grain and rice conditioning and storage plants in Argentina.
As of March 31, 2015 we owned three sugar and ethanol mills in Brazil with a sugarcane crushing capacity of 10.2 million tons.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We believe that we
are:</P>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="text-align: justify; vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: justify; width: 4%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 92%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">one of the largest owners of productive farmland in South America, with more than 212,426 owned hectares as of December 31, 2014 (excluding legal land reserves pursuant to local regulations and other land reserves) located in Argentina, Brazil and Uruguay, producing a wide range of agricultural products.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a leading producer of agricultural commodities in South America. During the 2013/2014 harvest year, we harvested 182,701 hectares of crops and produced 643,354 tons of grains, including soybeans, corn, wheat, sunflower and cotton.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">one of the largest producers of rough (unprocessed) rice in the world, planting 36,604 hectares (including 3,100 leased hectares) and producing 205,489 tons during the 2013/2014 harvest year, which accounted for 15% of the total Argentine production according to the <I>Confederacion de Molinos Arroceros del Mercosur </I>(&#147;Conmasur&#148;). We are also a large processor and exporter of white rice (processed) in Argentina, accounting for 18%<B>&nbsp;</B>of total white rice production capacity in Argentina and 15% of total Argentine white rice exports during 2014, according to <I>Camara de Industriales Arroceros de Entre R&iacute;os (Federacion de Entidades</I> <I>Arroceras)</I>, respectively.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a leading dairy producer in South America in terms of our cutting-edge technology, productivity per cow and grain conversion efficiencies, producing approximately 79.5 million liters of raw milk during 2014.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a growing producer of sugar and ethanol in Brazil, where we are in the process of building what we expect will be one of the most cost-efficient sugarcane crushing clusters in Brazil. We currently own three sugar and ethanol mills in Brazil with an aggregate installed capacity of 10.2 million tons per year and full cogeneration capacity (the generation of electricity from sugarcane bagasse, the fiber portion of sugarcane that remains after the extraction of sugarcane juice) of 232 MW as of March 31, 2015.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">one of the leading companies in South America involved in the acquisition and transformation of undermanaged land to more productive uses, generating higher cash yields. During the last seven fiscal years we have consistently sold a portion of our fully mature farmland every year. In aggregate, we have sold 17 farms generating capital gains of approximately $185 million.&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We are engaged in three
main businesses:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Farming Business</I>:
As of December 31, 2014 we owned 247,891 hectares (excluding sugarcane farms) of farmland in Argentina, Brazil and Uruguay, of
which 122,138 hectares are croppable, 17,807 hectares are being evaluated for transformation, 63,336 hectares are suitable for
raising beef cattle and are mostly leased to third party cattle farmers, constituting a total of 203,281 productive hectares,
and 44,610 hectares are legal land reserves pursuant to local regulations or other land reserves. During the 2013/2014 harvest
year we held leases or have entered into agriculture partnerships for an additional 55,797 croppable hectares. We own the facilities
and have the resources to store and condition 100% of our crop and rice production. We do not depend on third parties to condition
our production for sale. Our farming business is subdivided into four main businesses:</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="width: 92%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Crop business</I>: We produce a wide range of agricultural commodities including soybeans, corn, wheat, sunflower and cotton, among others. In Argentina, our farming activities are conducted mainly in the Argentine humid pampas region, where agro-ecological conditions are optimal for low-cost production. Since 2004, we have expanded our operations throughout the center-west region of Uruguay and the western part of the state of Bahia, Brazil, as well as in the northern region of Argentina. During the 2013/2014 harvest year, we planted approximately 182,813 hectares of crops, including second harvests, producing 643,354 tons of grains, including soybeans, wheat and corn, sunflower and cotton. We also planted an additional 3,141 hectares where we produced over 89,081 tons of forage that we used for cow feed in our dairy operation. During the current 2014/15 harvest year, we planted approximately 189,272 hectares of crops, including second harvest, and also planted an additional 4,999 hectares of forage .</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Rice business</I>: We own a fully-integrated rice operation in Argentina. We produce irrigated rice in the northeast provinces of Argentina, where the availability of water, sunlight, and fertile soil results in one of the most ideal regions in the world for producing rice at low cost. We believe that we are one of the largest producers of rough (unprocessed) rice in Argentina, producing 205,489 tons during the 2013/2014 harvest year, which accounted for 15% of the total Argentine production according to Conmasur. We own three rice mills that process our own production, as well as rice purchased from third parties. We produce different types of white and brown rice that are both sold in the domestic Argentine retail market and exported. During the current 2014/15 harvest year, we planted 35,328 hectares of rice.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Dairy business</I>: We believe that we are a leading dairy producer in South America in terms of our utilization of cutting-edge technology, productivity per cow and grain conversion efficiencies, producing approximately 79.5 million liters of raw milk during 2014, with an average of 6,440 milking cows, delivering an average of 33.8 liters of milk per cow per day. Through the production of raw milk, we are able to transform forage and grains into value-added animal protein. We believe that our &#147;free-stall&#148; dairies in Argentina are the first of their kind in South America and allows us to optimize our use of resources (land, dairy cow feed and capital), increase our productivity and maximize the conversion of forage and grain into raw milk.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>All Other Segments business</I>: Our all other segments business consists of leasing pasture land to cattle farmers in Argentina and leasing&nbsp;&nbsp;our coffee plantation in the Rio de Janeiro farm, located in Western Bahia, Brazil, to a third party. We lease 63,336 hectares of pasture land which is not suitable for crop production to third party cattle farmers.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The following table
sets forth, for the periods indicated, certain data relating to our farming business:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    Ended December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    <B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    <B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    <B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Sales&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Crops(l)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">177,662</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">185,117</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">196,206</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rice(2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">103,682</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">107,093</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">93,904</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dairy</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,968</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,661</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,868</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All Other Segments (3)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,525</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,293</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,390</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>315,837</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>327,163</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>322,368</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>






<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Production</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>2013/2014</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Harvest</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>2012/2013</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Harvest</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>2011/2012</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Harvest</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 58%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Crops (tons)(4)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">643,354</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">496,590</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">564,800</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rice (tons)(5)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">205,489</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">202,589</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">171,137</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;848,843</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>699,179</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>738,810</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    Ended December 31</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    <B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    <B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    <B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dairy (thousands of liters)(6)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">79,468</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">72,984</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54,954</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 95%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>2014/2015</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Harvest</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>2013/2014</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Harvest</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>2012/2013</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Harvest</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Year</FONT></B></FONT></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>2011/2012</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Harvest</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Planted
    Area&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    hectares, including second harvest)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 42%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Crops (7)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">194,271</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">185,954</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">187,220</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">204,097</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rice</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,328</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36,604</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,249</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,497</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify; width: 96%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Includes soybeans, corn,
    wheat, sunflower and cotton, among others.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>



<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify; width: 96%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Sales of processed rice,
    including rough rice purchased from third parties and processed in our facilities.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: justify; width: 96%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">All Other Segments encompasses
    our remaining interests in the beef Cattle and Coffee businesses. Our beef cattle business consists of over 63 thousand hectares
    of pasture land that is not suitable for crop production and as a result is leased to third parties for cattle grazing activities.
    We lease the coffee production rights with respect to our Rio de Janeiro coffee plantation.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="text-align: justify; width: 96%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Crop production does not
    include 89,081 tons, 30,628 tons, and 62,636 tons of forage produced in the 2013/2014, 2012/2011 and 2011/2012 harvest years,
    respectively.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="text-align: justify; width: 96%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Expressed in tons of rough
    rice produced on owned and leased farms<B>.</B> As of December 31, 2014, the 2014/15 harvest year of&nbsp;&nbsp;rice harvest
    had not began.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(6)</FONT></TD>
    <TD STYLE="text-align: justify; width: 96%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Raw milk produced at our
    dairy farms.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(7)</FONT></TD>
    <TD STYLE="text-align: justify; width: 96%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Includes 4,999 hectares,
    3,141 hectares, 5,172 hectares and 4,679 hectares, used for the production of forage during the 2014/15, 2013/2014, 2012/2013
    and 2011/2012 harvest years, respectively.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Sugar</I>, <I>Ethanol
and Energy Business: </I>We cultivate and harvest sugarcane which is then processed in our own mills to produce sugar, ethanol
and energy. As of December 31, 2014, our total sugarcane plantation consisted of 124,412 hectares, planted over both owned and
leased land. We currently own and operate three sugar and ethanol mills, UMA, Ang&eacute;lica and Ivinhema, with a total crushing
capacity of 10.2 million tons of sugarcane per year as of March 31, 2015. UMA is a small but efficient mill located in the state
of Minas Gerais, Brazil, with a sugarcane crushing capacity of 1.2 million tons per year, full cogeneration capacity and an associated
sugar brand with strong presence in the regional retail market (<I>A&ccedil;&uacute;car Monte Alegre</I>). We plant and harvest
99% of the sugarcane milled at UMA, with the remaining 1% acquired from third parties. Ang&eacute;lica and Ivinhema are two new,
modern mills, which we built in the state of Mato Grosso do Sul, Brazil, with current sugarcane crushing capacities of 4.0 and
5.0 million tons per year, respectively. Both mills are located 45 km apart, and form a cluster surrounded by one large sugarcane
plantation. Angelica and Ivinhema are equipped with high pressure steam boilers and turbo-generators with the capacity to use all
the sugarcane bagasse by-product to generate electricity. Approximately 25% of the electricity generated is used to power the mill
and the excess electricity is sold to the local power grid, resulting in the mills having full cogeneration capacity.</P>



<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For the year ended December
31, 2014, we crushed 7.2 million tons of sugarcane. Our mills produce both sugar and ethanol, and accordingly, we have some flexibility
to adjust our production (within certain capacity limits that generally vary between 40% and 60%) between sugar and ethanol, to
take advantage of more favorable market demand and prices at given points in time. For the year ended December 31, 2014 we produced
413,687 tons of sugar and 299,810 cubic meters of ethanol.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31, 2014,
our overall sugarcane plantation consisted of 124,412 hectares of sugarcane in the states of Mato Grosso do Sul and Minas Gerais,
Brazil, of which 9,145 hectares of sugarcane were planted on owned land, and 115,267 hectares were planted on land leased from
third parties under long term agreements.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
sets forth, for the periods indicated, certain data relating to our sugar, ethanol and energy business:&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Sales
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    Ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="11" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">174,459</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">133,597</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">134,766</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ethanol</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">165,870</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,382</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">121,544</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Energy</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">66,800</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,463</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,649</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,019</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">373</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">407,129</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>317,461</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>282,332</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>


<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -28.3pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;Year
    Ended December 31</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Production</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2px; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2px; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2px; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar (tons)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">413,687</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">335,643</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">281,622</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ethanol (cubic meters)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">299,810</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">268,053</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">183,713</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Energy (MWh exported)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">445,705</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">300,208</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">238,540</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;Year
    Ended December 31</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Other
    Metrics&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugarcane milled (% owned)</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">89</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">87</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">96</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugarcane crushing capacity (millions of tons)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">% Mechanized harvesting operations &mdash; Consolidated</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">97</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">94</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">90</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">% Mechanized /harvesting operations &mdash; Cluster</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Land Transformation
Business: </I>We acquire farmlands we believe are underdeveloped or underutilized and, by implementing cutting-edge production
technology and agricultural best practices, transform the land to be suitable for more productive uses, enhance yields and increase
the value of the land. During the thirteen-year period since our inception, we have effectively put into production 166,737 hectares
of land that was previously undeveloped or undermanaged. During 2014, we put into production 2,580 hectares and in addition continued
the transformation process of over 122,041 hectares we own. We realize and capture land transformation value through the strategic
disposition of assets that have reached full development potential. We believe that the rotation of our land portfolio allows us
to re-allocate capital efficiently, maximizing our return on invested capital. Our current owned land portfolio consists of 257,036
hectares, distributed throughout our operating regions as follows: 87% in Argentina, 12% in Brazil, and 1% in Uruguay. During the
last seven years, we sold 17 of our fully mature farms, generating capital gains of approximately $185 million.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We promote sustainable
land use through our land transformation activities, which seek to promote environmentally responsible agricultural production
and a balance between production and ecosystem preservation. We do not operate in heavily wooded areas or wetland areas.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">From time to time, the
company seeks to recycle its capital by disposing of a portion of its fully developed farms. This allows the company to monetize
the capital gains generated by its land transformation activities and allocate its capital to acquire land with higher transformation
potential or to deploy it in other businesses, thereby enhancing the return on invested capital. Please see also &#147;&mdash;Risks
Related to Argentina&mdash;Recent Changes in Argentine law concerning foreign ownership of rural properties may adversely affect
our results of operations and future investments in rural properties in Argentina&#148; and &#147;&mdash;Risks Related to Brazil&mdash;
Recent changes in Brazilian rules concerning foreign investment in rural properties may adversely affect our investments.&#148;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
sets forth, for the periods indicated, certain data relating to our land transformation business:</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    Ended December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Undeveloped/Undermanaged land put into production (hectares)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,580</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,389</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,961</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ongoing transformation of croppable land (hectares)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">122,041</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">133,568</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">128,133</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number of farms sold</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hectares sold</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,887</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,176</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,475</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Capital gains from the sale of land ($ thousands)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,600</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28,172</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,513</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Sale of a 49.0% interest
in Global Anceo S.L.U. and Global Hisingen S.L.U</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On June 17, 2014, Adecoagro
completed the sale of a 49.0% non-controlling interest in Global Anceo S.L.U. and Global Hisingen S.L.U, two Spanish subsidiaries,
for a total price of $50.6 million. The main underlying assets of Global Anceo S.L.U. and Global Hisingen S.L.U are La Guarida
and Los Guayacanes, two farms located in the Argentine provinces of Salta and Santiago del Estero, respectively. This transaction
generated a $25.6 million contribution to Adjusted EBITDA in 2Q14, representing a 28.0% premium over the Cushman &amp; Wakefield
independent appraisal dated September 30, 2013. The $25.6 million was reflected directly in our statement of equity given we retained
control of Global Anceo S.L.U. and Global Hisingen S.L.U.&nbsp;&nbsp;Adecoagro will continue controlling and operating both farms.
Los Guayacanes and La Guarida farms have a total area of 26,299 hectares and were acquired by Adecoagro in 2007, for a total of
$51.1 million. Following the acquisition, Adecoagro transformed and developed over 10,000 hectares of cattle pastures into crop
production. The farms are currently composed of 17,371 hectares of croppable land which are used for growing grains and oilseeds
and over 6,000 hectares of cattle grazing pastures. Adecoagro has operated these farms under a sustainable production model focused
on no-till farming, crop rotation and other agricultural best practices, which have enhanced productivity and soil quality. After
accounting for the purchase price, transformation capital expenditures, operating cash flows and selling price, these investments
generated an internal rate of return of 19.1%.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Our Strengths</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We believe the following
are our competitive strengths:</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 93%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Unique and strategic asset base. </I>We own strategically located farmland and agro-industrial assets in Argentina, Brazil and Uruguay. We engage in continuous improvement of our operations and practices, resulting in the reduction of operating costs and an increase in productivity, ultimately enhancing the value of our properties and generating capital gains. Our operations also benefit from strategically located industrial facilities throughout Argentina and Brazil, increasing operating efficiencies and reducing operating and logistical costs. We are vertically integrated where economics and returns are attractive, where the efficiency of our primary operation is significantly enhanced, or where lack of a competitive market results in the absence of a transparent price determination mechanism. Our diversified asset base creates valuable synergies and economies of scale, including (i) the ability to transfer the technologies and best practices that we have developed across our business lines, (ii) the ability to apply value-adding land transformation strategies to farmland in connection with our farming and sugarcane operations, and (iii) a greater ability to negotiate more favorable terms with our suppliers and customers.</FONT></TD></TR>
</TABLE>



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<P STYLE="text-indent: 0pt; margin-left: 45pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Owning
a significant portion of the land on which we operate is a key element of our business model.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Low-cost production leveraging agro-ecological competitive advantages.</I> Each of the commodity products we grow is produced in regions where agro-ecological conditions provide competitive advantages and which, through the implementation of our efficient and sustainable production model, allow us to become one of the lowest cost producers.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our grain and oilseed production is based in the Argentine humid pampas region where soil fertility, regular rainfalls, temperate climate, availability of land and proximity to ports contribute to the reduced use of fertilizers and agrochemicals, high productivity and stable yields and efficient logistics, ultimately resulting in one of the lowest costs per ton of grain produced and delivered.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our cotton production is focused in western Bahia, Brazil. This region is excellent for producing high quality cotton fiber due to its ideal climate, well drained soils and high altitude.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our rice operation is located in the northeast provinces of Argentina, one of the best rice farming regions in the world due to plentiful sunlight, abundant availability of water for low cost irrigation and large potential for expansion.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our dairy operation is situated in the Argentine humid pampas region, where cow feed (grains, oilseeds and forage) is efficiently and abundantly produced at a low cost and climate and sanitary conditions are optimal for cow comfort, which enhances productivity, cow reproduction rates and milk quality.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We produce sugarcane in the center-south region of Brazil, which has one of the lowest production costs in the world, significantly lower than other major sugar producing regions, including India, China, the United States, the United Kingdom, France and Germany.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Standardized and scalable agribusiness model applying technological</I> <I>innovation. </I>We have consistently used innovative production techniques to ensure that we are at the forefront of technological improvements and environmental sustainability standards in our industry. We are implementing an agribusiness model that consists of specializing our workforce and defining standard protocols to track crop development and control production variables, thereby enhancing management decision-making. We further optimize our agribusiness model through the effective implementation and constant adaptation of a portfolio of advanced agricultural and information technologies and best practices tailored to each region in which we operate and commodity we produce, allowing us to improve our crop yields, reduce operating costs and maximize margins in a sustainable manner.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In our farming business, we use &#147;no-till&#148; technology as the cornerstone of our crop production and have been able to implement this technique in areas within our production regions where it had not been used before. Furthermore, we also utilize crop rotation, second harvests, integrated pest management, balanced fertilization, water management and mechanization. Additionally, we use the innovative silo bag storage method, utilizing large polyethylene bags with a capacity of 180-200 tons which can be left on the field for 12 months, resulting in low-cost, scalable and flexible storage on the field during harvest, which we believe allows us to expand our crop storage capacity at a low cost, generate important logistic and freight savings by moving our production in the off-season when freight fares are lower, and time the entry of our production into the market at optimal price points. See &#147;&mdash;Operations and Principal Activities&mdash;Farming&mdash;Storage and Conditioning.&#148;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In our dairy business, we believe that we were the first company in South America to implement the &#147;free-stall&#148; production system, resulting in more efficient conversion of feed to raw milk and higher production rates per cow compared to our peers in the region.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In our sugar, ethanol and energy business, our sugarcane cluster, constituted by the Ivinhema and Ang&eacute;lica mills (i) has a highly mechanized planting and harvesting operation, which has increased our sugarcane production, reduced our operating costs and contributed to environmental sustainability by eliminating the need to burn the sugarcane before harvest; (ii) has the capacity to use all the bagasse (a by-product of the sugar and ethanol production process) that is produced, with no incremental cost, to cogenerate 216 MW of clean and renewable electricity; (iii) has the capacity of processing 46,800 tons of sugarcane per day and (iv) has the ability to recycle by-products such as filter cake and vinasse by using them as fertilizers in our sugarcane fields, as well as recycling water and other effluents, generating important savings in input costs and protecting the environment.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Unique diversification model to mitigate cash flow volatility. </I>We pursue a unique multi-tier diversification strategy to reduce our exposure to production and market fluctuations that may impact our cash flow and operating results. We seek geographic diversification by spreading our portfolio of farmland and agro-industrial assets across different regions of Argentina, Brazil and Uruguay, thereby lowering our risk exposure to weather-related losses and contributing to stable cash flows. Additionally, we produce a variety of products, including soybeans, corn, wheat, sunflower, cotton, barley, sorghum, rice, raw milk, sugar, ethanol and energy, which lowers our risk exposure to potentially depressed market conditions of any specific product. Moreover, through vertical integration in the rice, dairy, sugar, ethanol and energy businesses, we process and transform a portion of our agricultural commodities into branded retail products, reducing our commodity price risk and our reliance on the standard market distribution channels for unprocessed products. Finally, our commercial committee defines our commercial policies based on market fundamentals and the consideration of logistical and production data to develop a customized sale/hedge risk management strategy for each product.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Expertise in acquiring farmland with transformation and appreciation potential.</I> During the last thirteen fiscal years, we have executed transactions for the purchase and disposition of land for over $652 million and sold 66,145 hectares of developed land, generating capital gains of approximately $185 million. We believe we have a superior track record and have positioned ourselves as a key player in the land business in South America. Our business development team has gained extensive expertise in evaluating and acquiring farmland throughout South America and has a solid understanding of the productivity potential of each region and of the potential for land transformation and appreciation. To date, we have analyzed over 11 million hectares of farmland spread throughout the regions in which we operate and other productive regions in the world. We have developed a methodology to assess farmland and to appraise its potential value with a high degree of accuracy and efficiency by using information generated through sophisticated technology, including satellite images, rain and temperature records, soil analyses, and topography and drainage maps. Our management team has gained extensive experience in transforming and maximizing the appreciation potential of our land portfolio through the implementation of our agribusiness techniques described above. We also have an extensive track record of rotating our asset portfolio to generate capital gains and monetize the transformation and appreciation generated through our land transformation activities and agricultural operations.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Experienced management team, knowledgeable employees.</I> Our people are our most important asset. We have an experienced senior management team with an average of more than 20 years of experience working in our sector and a solid track record of implementing and executing large scale growth projects such as land transformations, greenfield developments of industrial plants, and integrating acquisitions within our organization. Recruiting technically qualified employees at each of our farms and operating sites is a main focus of our senior management and a key to our success.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Our Business Strategy</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We intend to maintain
our position as a leading agricultural company in South America by expanding and consolidating each of our business lines, creating
value for our shareholders. The key elements of our business strategy are:&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="width: 93%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Expand our farming business through organic growth</I>, <I>leasing and</I> <I>strategic acquisitions. </I>We will continue to seek opportunities for organic growth, target attractive acquisition and leasing opportunities and strive to maximize operating synergies and achieve economies of scale in each of our three main farming business areas (crops, rice and dairy). We plan to continue expanding and consolidating our crop production throughout South America. We also intend to continue expanding our rice segment in terms of production and processing capacity, consolidating our leading position in Argentina and increasing our presence throughout Brazil, Uruguay and other regions, to become a leading regional player. We also plan to increase our current milk production using the &#147;free-stall&#148; model.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Consolidate our sugar and ethanol cluster in the state of Mato Grosso do Sul, Brazil.</I> Our main strategy for our sugar and ethanol business is to consolidate our cluster in Mato Grosso do Sul, Brazil, through the ramping up of our Ivinhema and Angelica mills, which as of March 2015 reached a capacity of 9.0 million tons per year and are expected to reach 10.0 million tons by 2017. See &#147;&mdash;Sugar, Ethanol and Energy&mdash;Our Mills.&#148; The consolidation of the cluster will generate important synergies, operating efficiencies and economies of scale such as (i) a reduction in the average distance from the sugarcane fields to the mills, generating important savings in sugarcane transportation expenses; (ii) one centralized management team, reducing total administration cost per ton of sugarcane milled; and (iii) a large sugarcane plantation supplying two mills, allowing for non-stop harvesting. We believe that our sugarcane cluster in Mato Grosso do Sul will allow us to become one of the most efficient and low cost producers of sugar, ethanol and energy in Brazil. Additionally, we plan to continue to monitor closely the Brazilian sugar and ethanol industries and may pursue selective acquisitions that provide opportunities to increase our economies of scale, operating synergies and profitability.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="text-align: left; width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 91%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Further increase our operating efficiencies while maintaining a diversified portfolio.</I> We intend to continue to focus on improving the efficiency of our operations and maintaining a low-cost structure to increase our profitability and protect our cash flows from commodity price cycle risk. We seek to maintain our low-cost platform by (i) making additional investments in advanced technologies, including those related to agricultural, industrial and logistical processes and information technology, (ii) improving our economies of scale through organic growth, strategic acquisitions, and more efficient production methods, and (iii) fully utilizing our resources to increase our production margins. In addition, we intend to mitigate commodity price cycle risk and minimize our exposure to weather related losses by (i) maintaining a diversified product mix and vertically integrating production of certain commodities and (ii) geographically diversifying the locations of our farms.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Continue to implement our land transformation strategy.</I> We plan to continue to enhance the value of our owned farmland and future land acquisitions by making them suitable for more profitable agricultural activities, thereby seeking to maximize the return on our invested capital in our land assets. In addition, we expect to continue rotating our land portfolio through strategic dispositions of certain properties in order to realize and monetize the transformation and appreciation value created by our land transformation activities. We also plan to leverage our knowledge and experience in land asset- management to identify superior buying and selling opportunities.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Operations and Principal
Activities</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Farming</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our Farming business
line is divided into three main reportable operating businesses, namely crops, rice and dairy. We conduct our farming operations
primarily on our own land and, to a lesser extent, on land leased from third parties. During harvest year 2013/2014 our farming
operations were conducted on a total of 219,305 hectares of land, of which we own 156,217 hectares (excluding sugarcane farms)
and we leased the remaining 36,086 hectares from third parties. The following tab le sets forth our production volumes for each
of our farming business lines.</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Harvest
    Year</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;2013/2014</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;2012/2013</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;2011/2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Crops (thousands of tons)(1)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">643,354</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">496,590</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">564,800</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rice (thousands of tons)(2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">205,489</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">202,589</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">171,137</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    Ended December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dairy (thousands of liters)(3)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">79,468</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">72,984</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54,954</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">As of the date of this annual
    report, the harvest of soybean, corn, sunflower, cotton and rice pertaining to the 2014/2015 harvest year is ongoing. The
    only crop which has been fully harvested in the current 2014/15 harvest year is wheat, with a total production of 37,020 tons.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Expressed in tons of rough
    rice.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Raw milk produced.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Crops Business (Grains,
Oilseeds and Cotton)</I></B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our agricultural production
is mainly based on planting, growing and harvesting crops over our owned croppable area. During the 2013/2014 harvest year, we
planted crops over a total area of approximately 182,701 hectares, including our owned land, land leased from third parties and
hectares planted in second harvests. During mid 2014 we began the planting of crops pertaining to the 2014/15 harvest year, which
was concluded during the first quarter of 2015, with a total planted area of 194,271 hectares. Our main products include soybean,
corn, wheat, sunflower, and cotton. Other products, such as sorghum and barley, among others, are sown occasionally and represent
only a small percentage of total sown land.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
sets forth, for the harvest years indicated, the planted hectares for our main products:</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Harvest
    Year</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;2014/15
    (5)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;2013/2014</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;2012/2013</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;2011/2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Product
    Area&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    hectares)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soybeans(l)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">96,868</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">82,980</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">92,103</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">92,789</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corn(2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39,939</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">51,324</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45,795</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">47,409</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wheat(3)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37,020</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29,412</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28,574</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">43,235</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sunflower</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,314</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,880</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,478</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,596</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cotton</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,131</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,217</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,098</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,389</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Forage(4)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,999</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,141</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,172</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,679</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>194,271</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>185,954</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>187,220</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>204,097</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Includes soybean first crop
    and second crop planted area.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-size: 8pt">Includes sorghum crop and peanut.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-size: 8pt">Includes barley crop.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-size: 8pt">Forage includes corn silage, wheat silage and alfafa used for cow feed
    in our dairy operation.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-size: 8pt">As of March, 2015.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The following table
sets forth, for the harvest years indicated, the production volumes for our main products</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="text-align: center; text-indent: 0pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Harvest
    Year</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;2014/15</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;2013/2014</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;2012/2013</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;2011/2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crop
    Production(1)&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of tons)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soybeans(2)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">218,608</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">175,478</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">189,014</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corn(2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">318,381</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">242,246</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">237,294</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wheat</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">84,342</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">77,086</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">52,308</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">113,121</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sunflower(2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23,161</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24,076</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,667</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cotton lint(2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,118</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,482</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,704</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total(2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>84,342</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>643,354</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>496,590</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>564,800</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">(1)
Does not include 89,081, 30,628 tons, and 62,636 tons of forage produced in the 2013/2014, 2012/2013, and 2011/2012 harvest years
respectively.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">(2)
As of the date of this annual report, the harvest of soybean, corn, sunflower and cotton pertaining to the 2014/15 harvest year
is ongoing. The only crop which has been fully harvested is wheat.</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
below sets forth, for the periods indicated, the sales for our main products:</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="11" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year Ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Sales&nbsp;</B></FONT></TD>
    <TD COLSPAN="12" NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soybeans</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">79,515</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">68,850</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">66,721</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corn (l)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">69,720</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">79,423</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">68,790</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wheat (2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,849</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21,798</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34,831</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sunflower</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,016</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,030</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,887</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cotton</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,081</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,119</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,489</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other crops (3)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">481</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">897</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1488</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>177,662</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>185,117</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>196,206</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>





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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1) </FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Includes sorghum.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2)&nbsp; </FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Includes barley.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(3)&nbsp; </FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Includes other crops and
    farming services.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Soybeans</U></I></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Soybeans are an annual
legume widely grown due to their high content of protein (40%) and oil (20%). They have been grown for over 3,000 years in Asia
and, more recently, have been successfully cultivated around the world. The world&#146;s top producers of soybeans currently are
the United States, Brazil, Argentina, China and India. Soybeans are one of the few plants that provide a complete protein supply
as they contain all eight essential amino acids. About 85% of the world&#146;s soybeans are processed, or &#147;crushed,&#148;
annually into soybean meal and oil. Approximately 98% of soybean meal is further processed into animal feed, with the balance used
to make soy flour and proteins. Of the oil content, 85% is consumed as edible oil and the rest is used for industrial products
such as fatty acids, soaps and biodiesel. We sell our soybeans mainly to crushing and processing industries, which produce soybean
oil and soybean meal used in the food, animal feed and biofuel industries.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We grow soybeans in
Argentina, Brazil and Uruguay. In the 2011/2012 harvest year, we planted a total area of 92,789 hectares of soybeans, producing
a total of 189,014 tons representing 45% of our total planted area that year, and 33% of our total crop production. In the 2012/2013
harvest year, we planted a total area of 92,103 hectares of soybeans, producing a total of 175,478 tons representing 51% of our
total crop planted area that year, and 35% of our total crop production. In the 2013/14 harvest year, we planted a total area of
82,980 hectares of soybeans, producing a total of 218,608 tons representing 45% of our total crop planted area that year, and 34%
of our total crop production.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Soybeans comprised 11%
of our total consolidated sales in 2012, 2013 and 2014.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Corn</U></I></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Corn is a cereal grown
around the world and is one of the world&#146;s most widely consumed foods. The main component of corn grain is starch (72% to
73% of grain weight), followed by proteins (8% to 11%). Corn grain is directly used for food and animal feed (beef, swine and poultry
meat production and dairy). Corn is also processed to make food and feed ingredients (such as high fructose corn syrup, corn starch
and lysine), or industrial products such as ethanol and polylactic acid (PLA). Oil, flour and sugar are also extracted from corn,
with several uses in the food, medicine and cosmetic industries. Additionally, there are specific corn types used for direct human
consumption such as popcorn and sweet corn.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We grow corn in Argentina,
Brazil and Uruguay. In the 2011/2012 harvest year, we planted a total area of approximately 47,409 hectares of corn, including
the second harvest, producing a total of 237,294 tons representing 24% of our total planted area that season and 42% of our total
production. In the 2012/2013 harvest year, we planted a total area of approximately 45,795 hectares of corn, including the second
harvest, producing a total of 242,246 tons of corn representing 35% of our total planted area that year, and 49% of our total crop
production. In the 2013/2014 harvest year, we planted a total area of approximately 51,212 hectares of corn, including the second
harvest, producing a total of 318,381 tons of corn representing 28% of our total planted area that year, and 49% of our total crop
production.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Corn comprised 11% of
our total consolidated sales in 2012, 12% of our consolidated sales in 2013 and 10% of our consolidated sales in 2014.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Wheat</U></I></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Wheat is the world&#146;s
largest cereal-grass crop. Unlike other cereals, wheat grain contains a high amount of gluten, the protein that provides the elasticity
necessary for excellent bread making. Although most wheat is grown for human consumption, other industries use small quantities
to produce starch, paste, malt, dextrose, gluten, alcohol, and other products. Inferior and surplus wheat and various milling byproducts
are used for livestock feed. We sell wheat to exporters and to local mills that produce flour for the food industry.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We grow wheat in Argentina
and Uruguay. In the 2011/2012 harvest year we planted a total area of approximately 43,235 hectares of wheat, producing a total
of 113,121 tons of wheat representing 21% of our total planted area that year, and 20% of our total crop production. In the 2012/2013
harvest year we planted a total area of approximately 28,574 hectares of wheat, producing a total of 52,308 tons of wheat. In the
2013/2014 harvest year we planted a total area of approximately 29,412 hectares of wheat, producing a total of 77,086 tons of wheat.
In the current 2014/2015 harvest year we planted a total area of approximately 37,020 hectares of wheat, producing a total of 84,342
tons of wheat.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Wheat comprised 6% of
our total consolidated sales in 2012, 3% of our total consolidated sales in 2013 and 1% of our total consolidated sales in 2014.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Sunflower</U></I></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">There are two types
of sunflower, the most important in terms of volume being the oilseed sunflower, which is primarily grown for the oil extracted
from the seed. Sunflower oil is considered one of the top three oils for human consumption, due to its high oil content (39-49%)
and its oil composition (90% of oleic and linoleic oil). The other type of sunflower is the confectionary sunflower, which is used
for direct human consumption. Sunflower seeds are an exceptional source of vitamin E, omega-6 fatty acids, dietary fiber and minerals.
We grow both types of sunflower.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We grow sunflower in
Argentina and Uruguay. In the 2011/2012 harvest year, we planted a total area of approximately 9,596 hectares of sunflower producing
a total of 18,667 tons of sunflower representing 5% of our total planted area that year, and 3% of our total crop production. In
the 2012/2013 harvest year, we planted a total area of approximately 12,478 hectares of sunflower producing a total of 24,076 tons
of sunflower representing 7% of our total crop planted area that year, and 5% of our total crop production. In the 2013/2014 harvest
year, we planted a total area of approximately 12,880 hectares of sunflower producing a total of 23,161 tons of sunflower representing
7% of our total crop planted area that year, and 4% of our total crop production.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Sunflower comprised
1% of our total consolidated sales in 2012, 2013 and 2014.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Cotton</U></I></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Cotton is the world&#146;s
most popular natural fiber. The cotton fiber is made primarily into yarns and threads for use in the textile and apparel sectors.
Clothing accounts for approximately 60% of cotton consumption. Cotton is also used to make home furnishings, such as draperies
(the third major end use), or professional garments (about 5% of cotton fiber demand). The cottonseed is used in animal feeding
or crushed in order to separate its three products &mdash; oil, meal and hulls. Cottonseed oil is used primarily for cooking oil
and salad dressing. In recent years, there has been a growing demand for cotton oil for biodiesel production.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We plant upland cotton,
the most common type of cotton planted and processed around the world. We produce and sell cotton lint and cotton seed.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We grow cotton in northern
Argentina and in the western part of Bahia, Brazil. In the 2011/2012 harvest year, we planted a total area of approximately 6,389
hectares of cotton, including the second harvest, producing a total of 6,704 tons of cotton lint, representing 1% of our total
planted area that year, and 1% of our total crop production. In the 2012/2013 harvest year, we planted a total area of approximately
3,098 hectares of cotton producing a total of 2,482 tons of cotton lint, representing 2% of our total planted crop area that year,
and 0.5% of our total crop production. In the 2013/2014 harvest year, we planted a total area of approximately 6,217 hectares of
cotton producing a total of 6,118 tons of cotton lint, representing 3% of our total planted crop area that year, and 1% of our
total crop production.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Cotton comprised 3%
of our total consolidated sales in 2012, 1% of our total consolidated sales in 2013 and 1% of our total consolidated sales in 2014.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Forages</U></I></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition to the above
mentioned crops, we are engaged in the production of forage in Argentina, including corn silage, wheat silage, soybean silage and
alfalfa silage. We use forage as cow feed in our dairy operation. During the 2013/2014 harvest year, we planted 3,141 hectares
of forage and produced 89,081 of forage.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Crop Production Process</U></I></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our crop production
process is directly linked to the geo-climatic conditions of our farms and our crop cycles, which define the periods for planting
and harvesting our various products. Our crop diversification and the location of our farms in various regions of South America
enable us to implement an efficient planting and harvesting system throughout the year, which includes second harvests in many
cases. Our production process begins with the planting of each crop. After harvesting, crops may go through a processing phase
where the grain or seeds are cleaned and dried to reach the required market standards.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For additional discussion
of our harvest years and the presentation of production and product area information in this annual report, see &#147;Presentation
of Financial and Other Information&mdash;Fiscal Year and Harvest Year.&#148;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Rice Business</I></B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Rice is the main food
staple for about half of the world&#146;s population. Although it is cultivated in over 100 countries and on almost every continent,
90% of the world&#146;s rice is grown and consumed in Asia. Globally, rice is the most important crop in terms of its contribution
to human diets and production value. There are three main types of rice: short grain, medium grain and long grain rice. Each one
has a different taste and texture. We produce long grain rice and Carolina double rice, a variety of medium grain rice.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We conduct our rice
operation in the northeast of Argentina, which is one of the most efficient locations in the world for producing rice at a low
cost. This is a result of optimum natural agronomic conditions, including plentiful sunlight, abundant availability of water for
low cost irrigation and large quantities of land. The use of public water for artificial irrigation is governed by provincial regulations
and is subject to the granting of governmental permits. We currently have permits for the use of water in our production of rice
in the provinces of Corrientes and Santa Fe. Maintenance of our permits is subject to our compliance with applicable laws and regulations,
which is supervised by the corresponding governmental authority (<I>e.g.</I>, the Ministry of Water, Public Services and Environment
(<I>Ministerio de Agua</I>, <I>Servicios Publicos y Medio Ambiente</I>), in the province of Santa Fe, and the Water Institute of
the Province of Corrientes (<I>Instituto Correntino del Agua</I>).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
sets forth, for the harvest years indicated, the total number of planted rice hectares we owned and leased as well as the overall
rough rice we produced:</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Harvest
    Year</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice
    Product Area &amp; Production&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;2014/2015</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;2013/2014</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;2012/2013</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;2011/2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Owned planted area (hectares)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,104</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33,231</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,167</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,242</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leased planted area (hectares)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,224</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,100</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,083</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,255</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total rice planted (hectares)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,328</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36,604</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,249</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,497</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rough rice production (thousands of tons) (1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">205,489</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">202,589</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">171,137</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="width: 97%; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">As of the date of this annual
    report, the harvest of rice pertaining to the 2014/2015 harvest year is ongoing.</FONT></TD></TR>
</TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We grow rice on 4 farms
we own and 2 farms we lease, all located in Argentina. In the 2011/2012 harvest year, we planted a total area of approximately
31,497 hectares of rice, producing a total of 171,137 tons, representing 10% of our total planted area that year, and 23% of our
total farming production. In the 2012/2013 harvest year, we planted a total area of approximately 35,249 hectares of rice, producing
a total of 202,589 tons, representing 16% of our total planted area that year, and 29% of our total farming production. In the
2013/2014 harvest year, we planted a total area of approximately 36,604 hectares of rice, producing a total of 205,489 tons, representing
17% of our total planted area that year, and 24% of our total farming production. In the current 2014/2015 harvest year, we planted
a total of 35,328 hectares of rice, which have not been fully harvested as of the date of this report.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Production Process</U></I></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The rice production
year lasts approximately five to six months, beginning in September of each year and ending in April of the following year. Rice
planting continues until November, followed by treatment of the rice, which lasts approximately three months, until January. In
February we begin harvesting, which lasts until April. After harvesting, the rice is ready for processing.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We process rice in our
3 rice mills in Argentina, where we are able to process our entire rice crop and utilize our excess milling capacity to process
rough rice we purchase from third party growers.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">At the mill, we clean
the rice to remove all impurities. We then put it through a dryer to remove excess moisture from the grains. Proper drying results
in increased storage life, prevents deterioration in quality and leads to optimum milling. Once dried, the rice grain, now known
as rough rice or paddy rice, is ready for storage. We store rice in elevators or in silo bags until milling. During the milling
process, the rough rice goes through a de-husking machine that removes the husk from the kernel. The rice that is obtained after
this process is known as brown rice and is ready for human consumption. Brown rice becomes white rice after it is polished to remove
the excess bran.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The main objective
of the milling process is to remove the husk and the bran, preserving the quality of the whole grain. Although the process is
highly automated and uses advanced technology, some rice grains are broken in the process. The percentage of broken rice depends
on a number of factors such as the crop development cycle at the farm, the variety of the grain, the handling and the industrial
process. Average processing of rough rice results in 58% white rice, 11% broken rice and 31% rice husk and bran which is sold
for use as cattle feed or floor bedding in the poultry business.</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    Ended December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Processed
    Rice Production&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of tons)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 58%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rough rice processed &mdash; own</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">188,307</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">188,668</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">163,035</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rough rice processed &mdash; third party</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29,084</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">47,965</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">86,512</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total rough rice processed</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">217,391</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">236,633</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">249,547</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">White rice</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">120,065</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">138,267</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">86,092</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Brown rice</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">793</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,741</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">57,505</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Broken rice</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39,795</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,550</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28,787</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total processed rice</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>225,535</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>174,558</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>172,384</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    Ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Processed
    Rice Sales&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="11" NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousand of $)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total Sales</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">103,682</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">107,093</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">93,904</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Rice comprised 16% of
our total consolidated sales in 2012, 17% in 2013 and 14% in 2013.</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>






<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 9pt; font: 10pt Times New Roman, Times, Serif"><I><U>Rice Seed
Production</U></I></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 9pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In our rice seed facility
in Argentina, we are involved in the genetic development of new rice varieties adapted to local conditions to increase rice productivity
and quality to improve both farm production as well as the manufacturing process. In connection with these efforts, we have entered
into agreements with selected research and development institutions such as the National Institute of Agriculture Technology (<I>Instituto
Nacional de Tecnolog&iacute;a</I> <I>Agropecuaria</I>, or &#147;INTA&#148;) in Argentina, the Latin American Fund for Irrigated
Rice (<I>Fondo Latinoamericano para Arroz de Riego</I>, or &#147;FLAR&#148;) in Colombia, the Santa Catarina State Agricultural
Research and Rural Extension Agency (<I>Empresa</I> <I>de pesquisa Agropecu&aacute;ria e Extens&atilde;o Rural de Santa Catarina</I>,
or &#147;EPAGRI&#148;) in Brazil and <I>Badische Anilin- und Soda-</I>Fabrik (&#147;Basf&#148;) in Germany. Our own technical
team is continuously testing and developing new rice varieties. Our first rice seed variety, Ita Caabo 105, was released to the
market in 2008. In 2011 we released our second variety Ita Caabo 110, and at the beginning of 2014 we released our third variety,
Ita Caabo 107. &nbsp;We are currently experimenting with a wide range of varieties to continue improving our productivity. These
seeds are both used at our farms and sold to rice farmers in Argentina, Brazil, Uruguay and Paraguay. We are also developing, alongside
Basf, a herbicide-tolerant rice variety to assist in the control of harmful weeds.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 9pt; font: 10pt Times New Roman, Times, Serif"><B><I>All Other
Segments</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">All Oher Segments encompasses
our cattle and coffee businesses. In December 2009, we strategically decided to sell almost all of our cattle herd &mdash; other
than our dairy cows &mdash; to Quickfood S.A. (now &#147;Marfrig Argentina S.A.&#148;), an Argentine company and a subsidiary
of the Brazilian company, Marfrig Alimentos S.A. (&#147;Marfrig&#148;), for a purchase price of $14.2 million. Additionally,
we entered into a 10-year lease agreement under which Marfig Argentina S.A. leases grazing land from us to raise and fatten cattle.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In September 2013, Marfrig
Argentina S.A. notified us of their intention to early terminate in the fourth quarter of 2013 the lease agreements of the approximately
63,000 hectares of grazing land subject to the 10-year lease agreement. The termination of the lease agreement was effective in
the fourth quarter of 2013. We commenced an arbitration proceeding against Marfrig Argentina and Marfrig Alimentos in 2014 claiming
unpaid invoices and indemnification for early termination for US$ 23,000,000.</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We currently own 59,562
hectares of cattle grazing land located in the Argentine provinces of Corrientes, Santa Fe and Buenos Aires. In 2014 we entered
into new lease agreements with third party cattle farmers for a total area of 35,719 hectares.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During May 2013, Adecoagro
entered into an agreement to sell the Mimoso farm and Lagoa do Oeste farm located in Luis Eduardo Magalhaes, Bahia, Brazil. The
farms have a total area of 3,834 hectares of which 904 hectares are planted with coffee trees. In addition, we entered into an
agreement whereby the buyer will operate and make use of 728 hectares of existing coffee trees in our Rio de Janeiro farm for an
8-year period. The total consideration for this transaction was $24 million, of which $6.0 million were collected as of December
31, 2013 and the balance to be paid in three annual installments in 2014, 2015 and 2016. Pursuant to the terms of the agreement,
we will retain ownership of&nbsp;&nbsp;the coffee trees, which are expected to have an estimated useful life of 8 years in respect
of the Rio de Janeiro form upon the expiration of the agreement. We do not expect our coffee business to generate sales in future
periods.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Dairy Business</I></B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We conduct our dairy
operation in our farms located in the Argentine humid pampas region. This region is one of the best places in the world for producing
raw milk at a low cost, due to the availability of grains and forages produced efficiently and at low cost, and favorable weather
for cow comfortand productivity. Our dairy operation consists of two free stall dairy facilities with a total capacity of approximately
6,500 milking cows.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
sets forth, for the periods indicated below, the total number of our dairy cows, average daily milk production per cow and our
total milk production:</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    Ended December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy
    Herd &amp; Production&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 67%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    dairy herd (head)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,396</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,236</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,765</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Average
    milking cows</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,440</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,092</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,025</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Average
    daily production (liters per cow)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total production (thousands of liters)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">79,468</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">72,984</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54,954</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    Ended December 31</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="11" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 67%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,968</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,661</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,868</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31, 2014,
2013 and 2012, we owned a dairy herd of 7,396, 7,236 and 6,765, head, respectively, including 6,440, 6,092 and 5,025 milking cows,
respectively, with an average production of 33.8; 32.8 and 30.5 liters per cow per day, respectively.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Dairy comprised 3% of our
total consolidated sales in 2012, 5% of our total consolidated sales in 2013 and 5% of our total consolidated sales in 2014.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Production Process</U></I></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We wean calves during
the 24 hours subsequent to birth and during the next 60 days raise them on pasteurized milk and high protein meal. Male calves
are fed concentrates and hay for an additional 30 days in the farm before they are sent to our feedlot to be fattened for sale.
Young heifers remain in open corrals during the next 13 months where they are fed with concentrates and forage until they are ready
for breeding. Calving occurs nine months later. Heifers are subsequently milked for an average of 320 days. Dairy cows are once
again inseminated during the 60- to 90-day period following calving. This process is repeated once a year for a period of six or
seven years. The pregnancy rate for our herd is between 85% and 90% per year.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Each cow in our dairy
herd is mechanically milked three times a day. The milk obtained is cooled to less than four degrees centigrade in order to preserve
its quality and is then stored in a tank. Milk is delivered to large third party milk processing facilities on a daily basis by
tank trucks. We feed our dairy cows mainly with corn and alfalfa silages, some grass and corn grain, supplemented as needed with
soybean by-products, hay, vitamins and minerals.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We have invested in
technology to improve the genetics of our cows, animal health and feeding in order to enhance our milk production. These investments
include top quality imported semen from genetically improved North American Holstein bulls, agricultural machinery and devices,
use of dietary supplements and modern equipment to control individual milk production and cooling. Our feeding program is focused
on high conversion of feed into milk, while maintaining cows in good health and comfort. We have also invested in technology and
know-how so as to increase our forage production and utilization.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In 2007, we began the
construction of an advanced &#147;free-stall&#148; dairy in Argentina, which we believe was the first of its kind in South America,
and started operating in March 2008. This new technology allows large- scale milk production at increased efficiency levels. Our
free-stall dairy model consists of 3,000 cows confined inside a large barn where they are free to move within the indoor corrals.
We feed our cows specific protein rich diets composed of corn grain and silage and milk them three times a day, using a milking
mechanism consisting of an 80-cow rotary platform, which milks an average of 400 cows per hour. Having proved the success of our
model we built a second free stall diary in 2011 and started operations during August 2012.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Implementation of the
free-stall system allows us to position ourselves as a key player in the dairy industry and will boost our agricultural and industrial
integration presence in the South American agricultural sector. By eliminating cow grazing, we reduce the amount of land utilized
for milk production, which frees up more land for our agricultural and land development activities. Cow productivity (measured
in liters of milk produced per day) using the free-stall system increases by up to 40% compared to traditional grazing systems.
These productivity gains are because the free-stall system significantly improves the conversion rate of animal feed to milk, resulting
in an approximate 40% increase in the conversion ratio, or the production of 1.4 liters of milk for each 1 kg of animal feed as
compared to the average of 1 liter of milk for each 1 kg of feed associated with the usual grazing model.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This increased productivity
and conversion rate are mainly due to improved cow comfort and an enhanced diet quality. We assess cow comfort through the engagement
of expert consultants, who recommended designing beds covered with sand. The sand plays a significant role in helping cows to rest
comfortably. Additionally, we installed a cooling system to increase cow comfort as well. This system relies on water sprinklers
and ventilation fans located all over the facility to create a controlled, cool atmosphere, which improves cow comfort as the Holstein
herd is originally adapted to cold regions. Additionally, we manage diet quality by adapting our feeding regime based on the various
feeding stages in the lifetime of each cow. The actual feeding is fully mechanized, and we carefully control the harvesting and
storage of feed. The control of all productivity variables, such as reproduction, health and operations, supports efficiency gains
through standardized processes. Finally, the physical concentration of the animals facilitates efficient overall management of
the dairy business as a whole. In terms of the environment, the free-stall model allows for a better effluent treatment, which
includes a sand-manure separator stage, a decantation pool and an anaerobic lagoon. All these processes help to decrease the organic
matter content of the effluent and deliver a cleaner output. The final treated effluent is used to fert-irrigate crops adjacent
to the dairy operation. Accordingly, we transform dairy waste into a high value-added by-product, which reduces fertilizer usage.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The free-stall dairy
is expected to allow us to become an efficient large-scale milk producer and optimize the use of our resources (land, cattle and
capital) through the standardization of processes. Process standardization provides high operational control and allows us to scale-up
our production efficiently and quickly.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Storage and Conditioning</I></B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our storage and conditioning
facilities in the farming business allow us to condition, store and deliver our products with no third-party involvement. All our
crop storage facilities are located close to our farms, allowing us to (i) reduce storage and conditioning costs; (ii) reduce freight
costs since we only commence moving the product once the final destination is determined, whether locally or to a port, (iii) capitalize
on fluctuations in the prices of commodities; and (iv) improve commercial performance by mixing grains to avoid discounts due to
sub-standard quality.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We own five conditioning
and storage facilities for grains and oilseeds, with a total built storage capacity of 28,800 tons. Our largest storage facility,
with a capacity of 18,700 tons, is located in the province of Santa Fe, Argentina, in the town of Christophersen. It has a railway
loading terminal, providing logistical flexibility and savings. We also own in Argentina three rice mills, which account for over
116,854 tons of total storage capacity, and two additional storage and conditioning facilities for rice handling, with a total
storage capacity of 5,700 tons.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Set forth below is
our storage capacity as of December 31, 2014:</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 97%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-right: 92.4pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Storage
    Capacity&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Nominal</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Crops (tons)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28,806</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rice (tons)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">116,854</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition, we use
silo bags to increase our storage capacity at low cost. Silo bags are an efficient low-cost method for grain storage. As crops
are harvested, they are placed inside large polyethylene bags that can be left in the fields for approximately 12 months without
damaging the grain. Each silo bag can hold up to 180 to 200 tons of product, depending on the type of grain. During the 2013/2014
harvest year, we stored approximately 25% of our grain production through silo bags.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Silo bags offer important
operational and logistic advantages, such as (i) low cost storage; (ii) flexible and scalable capacity that is adapted based on
production and commercial strategy; (iii) harvest efficiencies since the bags are filled on the field allowing for a non-stop harvest
operation regardless of any logistical setbacks; (iv) logistic efficiencies leading to lower freight since grains are transported
during the off-season when truck fares are lower; (v) increased ability to monitor quality and identify different grain qualities,
since grains are stored in relatively small amounts (200 tons) and easily monitored, maximizing our commercial performance; and
(vi) better use of our drying capacity throughout the year. Silo bags are commercially accepted. Grains stored in silo bags can
be sold in the market, and if such grains are to be delivered post harvest, we charge storage costs. Additionally, we can store
grains to be used as seed during the following season (soybeans, rice and wheat), achieving quality seed management. We have expanded
the use of silo bags from Argentina to our operations in Brazil and Uruguay..</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Grain conditioning facilities
at our farms allow our trade desk to optimize commercialization costs and to achieve commercial quality standards and avoid price
discounts. These facilities are operated to dry, clean, mix and separate different qualities of each grain in order to achieve
commercial standards. By mixing different batches of a same grain type, differentiated by quality parameters such as moisture,
percentage broken, and percentage damaged, among others, we can achieve commercial standards without having to discount a lower-quality
stand-alone batch. Efficient management of these facilities results in a lower cost for grain conditioning and a better achievable
price.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Set forth below is our
drying capacity as of December 31, 2014:</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 96%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-left: 9pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Drying
    Capacity&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Nominal</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Crops (tons/day)</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,400</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rice (tons/day)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,300</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Some grains such as
soybeans, wheat and rice, can be used for seed during the next planting season. We produce almost 97% of the seed used for planting
these crops in our fields. The seed is stored in silo bags and/or grain facilities, where it can be processed, classified, and
prepared for planting during next crop season. A deep survey and monitoring process is carried out in order to evaluate, control
and deliver high quality seed to our farms.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The rest of our seed
requirements are purchased from seed suppliers in order to incorporate new enhanced varieties into our planting plan.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Marketing, Sales and
Distribution</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Crops</U></I></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In Argentina, grain
prices are based on the market prices quoted on Argentine grain exchanges, such as the <I>Bolsa de Cereales de Buenos Aires </I>and
the <I>Bolsa de Cereales de Rosario</I>, which use as a reference the prevailing prices in international grain exchanges (including
CBOT and ICE-NY). In Uruguay, local prices are based on an export parity (during harvest) or import parity in the case of post-harvest
sales, which, in each case, take into account the prices and costs associated with each market. In Brazil, the grain market includes
the <I>Bolsa de Mercadorias e Futuros </I>(Brazilian Grain Exchange), which, as in Argentina, uses as a price reference the international
grain exchanges (including CBOT and ICE-NY). Prices are quoted in relation to the month of delivery and the port in which the product
is to be delivered. Different conditions in price, such as terms of storage and shipment, are negotiated between us and the end
buyer. We negotiate sales with the top traders and industrial companies in our markets. We also engage in hedging positions by
buying and selling futures and options in commodities exchanges, including the Chicago Board of Trade, the New York Board of Trade,
BM&amp;FBOVESPA and the <I>Mercado a T&eacute;rmino de Buenos Aires </I>(MATBA).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Soybeans:</U></I>
Our soybean crop is sold to local companies and is ultimately exported or diverted to the crushing industry. Approximately 75%
of the soybean crop was hedged pre-harvest, by forward sales and sales in the futures markets. Harvest and post-harvest sales are
a function of the export market versus local premiums paid by crushers (oil, meal and biodiesel) and logistics considerations.
Our five largest customers comprised approximately 62%&nbsp;&nbsp;of our sales in the year ended December 31, 2014. In Argentina,
the applicable export tax rate on soybeans is 35%. There are no export taxes in Brasil and Uruguay.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During 2014 we sold more
than 140,000 tons (approximately 65% of our production) certified by the Round Table on Responsible Soybean (&#147;RTRS&#148;),
capturing premiums over market value.<B>&nbsp;</B>RTRS is a civil organization that promotes responsible production, processing,
and trading of soy on a global level. During 2012 and 2013 we also certified our silo plant in Argentina under 2BSvs (Biomass,
Biofuels Sustainability Voluntary Scheme), based on sustentability criteria of the European Directive 2009/28/EC</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Corn:</U></I> Approximately
70% of our total production is exported, of which 44% are FOB sales, with the remainder destined for domestic use in the poultry
and food industry, and in our dairy operations. All of our Brazilian production is sold domestically for regional consumption.
Approximately 75% of the corn crop was hedged pre-harvest. Approximately 3% of our corn production was destined for special products
such as corn seed and popcorn. Our four largest customers comprised approximately 60% of our sales in the year ended December 31,
2014. In Argentina, the applicable export tax rate on corn is 20%. There are no export taxes in Brasil and Uruguay.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Wheat:</U></I>
Approximately 70% of our production is destined for local market, where our market share has increased by 10% since last year,
and 30% is exported. Quality segregation allows us to negotiate premiums with the millers and export market. Approximately 36%
of the wheat crop was hedged pre-harvest, by forward sales, sales in the futures markets, and durum wheat production agreements.
Brazil is the main importer of Argentine wheat. Our five largest customers comprised approximately&nbsp;&nbsp;55% of our sales
in the year ended December 31, 2014. In Argentina, the applicable export tax rate on wheat is 23%. There is no export tax in Uruguay.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Sunflower:</U></I>
Our sunflower production from Argentina is sold to local companies. Sales are made pursuant by production agreements of sunflower
for confectionary, high oil content sunflower and seed. Our three largest customers comprised more than&nbsp;&nbsp;90% of our sales
in the year ended December 31, 2014. In Argentina, the applicable export tax rate is 32%.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Cotton:</U></I>
We typically make pre-harvest sales of cotton fiber produced in Brazil and Argentina into the export market. Sales for the textile
industry are based on domestic demand and premiums. Our five largest customers comprised approximately 85% of our sales in the
year ended December 31, 2014.&nbsp; Cottonseed is sold in the domestic market to meet feed demand.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Rice:</U></I> Rough
rice is available for sale commencing after the harvest of each year. White rice availability is based on our milling capacity.
64% of our total rice production is sold into the export market, with the remainder sold in Argentina in the retail market. We
export approximately 60% of our exported volume to the Middle East, followed by approximately 30% to other Latin American countries,
and the remainder is exported to&nbsp;Africa. We sell approximately 36% of our rice in the Argentine retail market through two
brands we own that have a 16.6% market share. Local rice prices are driven by regional supply demand and exchange rate in Brazil.&nbsp;&nbsp;Our
three largest customers for rice comprised approximately 55% of our sales in the year ended December 31, 2014. In Argentina, the
applicable export tax rate is 10% for rough rice and 5% for white rice.</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Dairy</U></I>: During
most of 2013, we sold our entire raw milk production to four dairy producers. These companies manufacture a range of consumer products
sold in Argentina and abroad. We negotiate the price of raw milk on a monthly basis in accordance with domestic supply and demand
with these companies. The price of the milk we sell is mainly based on the percentage of fat and protein that it contains and the
temperature at which it is cooled. The price we obtain for our milk also rises or falls based on the content of bacteria and somatic
cells.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Sugar, Ethanol and Energy</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Sugarcane</I></B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Sugarcane is the most
efficient agricultural raw material used in the production of sugar and ethanol. Ethanol produced from sugarcane is highly regarded
as an environmentally friendly biofuel with the following characteristics.&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>Renewable:</U></I> Sugarcane ethanol, unlike coal or oil, which can be depleted, is produced from sugarcane plants that grow back year after year, provided that they are replanted every six to eight years.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>Sustainable:</U></I> Sugarcane only needs to be replanted every five to seven years, as a semi-perennial crop. It can be harvested without uprooting the plant, and therefore its cultivation has less of an impact on the soil and the surrounding environment. The mechanization of the harvesting and planting process further improves sustainable agricultural management.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>Energy Efficient:</U></I> Sugarcane is highly efficient in converting sunlight, water and carbon dioxide into stored energy. The energy output of sugarcane is equal to nine times the energy input used in the production process, whereas the energy output of corn ethanol is only about 1.9 to 2.3 times the energy input used in its production process. Sugarcane produces seven times more energy compared to corn in ethanol production.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>Low Carbon Emissions:</U></I> Compared to gasoline, sugarcane ethanol reduces greenhouse gases by more than 61%, which is the greatest reduction of any other liquid biofuel produced today in large quantities. Ethanol made from sugarcane is deemed an advanced biofuel by the United States EPA.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>Synergies:</U></I> The main raw material used in the production of electricity in sugar mills is bagasse, which is a by-product of the sugarcane milling process, allowing for a renewable source of co- generated electricity.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Sugarcane is a tropical
grass that grows best in locations with stable, warm temperatures and high humidity, although cold and dry winters are an important
factor for the sucrose concentration of sugarcane. The climate and topography of the center-south region of Brazil is ideal for
the cultivation of sugarcane and accounts for approximately 85% of Brazil&#146;s sugarcane production.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31,
2014, our sugarcane plantations consisted of 124,412 hectares of sugarcane planted in the center-south region of Brazil. Approximately
93% of our sugarcane is planted over land leased through agricultural partnerships. Under these agreements, our partners lease
land to us for periods of between one and two sugarcane cycles, equivalent to periods of between 10 to 12 years, on which we cultivate
the sugarcane. Lease payments are based on the market value of the sugarcane set forth by the regulations of the State of Sao
Paulo Sugarcane, Sugar and Alcohol Growers Counsel (<I>Conselho dos Produtores de</I> <I>Cana-de-A&ccedil;&uacute;car, A&ccedil;&uacute;car
e &Aacute;lcool do Estado de Sao Paulo</I>, or &#147;Consecana&#148;). We planted and harvested approximately 89% of the total
sugarcane we milled during 2014, with the remaining 11% purchased directly from third parties at prices also determined by the
Consecana system, based on the sucrose content of the cane and the prices of sugar and ethanol. The following table sets forth
a breakdown during the time periods indicated of the amount of sugarcane we milled that was grown on our owned and leased land
or purchased from third parties:</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    Ended December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 67%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grown on our owned and leased land (tons)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,418,274</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,560,532</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,304,038</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchased from third parties (tons)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">814,554</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">857,599</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">184,897</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total (tons)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,232,827</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,418,131</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,488,935</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Sugarcane Harvesting
Cycle</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The annual sugarcane
harvesting period in the center-south region of Brazil begins in April and ends in November/December of each year. We plant several
sugarcane varieties, depending on the quality of the soil, the local microclimate and the estimated date of harvest of such area.
Once planted, sugarcane can be harvested, once a year, up to six to eight consecutive years. With each subsequent harvest, agricultural
yields decrease. The plantations must be carefully managed and treated during the year in order to continue to attain sugar yields
similar to a newly-planted crop.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We believe we own one
of the most mechanized harvesting operations in Brazil. Our sugarcane harvesting process is currently 97% mechanized (100% at Ang&eacute;lica
and Ivinhema mills and 80% at UMA mill) and the remaining 7% is harvested manually. Mechanized harvesting does not require burning
prior to harvesting, significantly reducing environmental impact when compared to manual harvesting. In addition, the leaves that
remain on the fields after the sugarcane has been harvested mechanically create a protective cover for the soil, reducing evaporation
and protecting it from sunlight and erosion. This protective cover of leaves decomposes into organic material over time, which
increases the fertility of the soil. Mechanized harvesting is more time efficient and has lower costs when compared to manual harvesting.
Sugarcane is ready for harvesting when the crop&#146;s sucrose content is at its highest level. Sucrose content and sugarcane
yield (tons of cane per hectare) are important measures of productivity for our harvesting operations. Geographical factors, such
as soil quality, topography and climate, as well as agricultural techniques that we implement, affect our productivity. Since most
sugar mills produce both sugar and ethanol in variable mixes, the industry has adopted a conversion index for measuring sugar and
ethanol production capacity, the Total Recoverable Sugar (&#147;TRS&#148;) index, which measures the amount of kilograms of sugar
per ton of sugarcane.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During the 2014 harvest,
our mills harvested sugarcane with an average TRS content of 131 and an average yield of 80.8 tons of sugarcane per hectare.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Once the sugarcane is
harvested, it is transported to our mills for inspection and weighing. We utilize our own trucks and trailers for transportation
purposes. The average transportation distance from the sugarcane fields to the mills is approximately 29 kilometers at UMA and
30 kilometers at Ang&eacute;lica and Ivinhema.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Our Mills</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We currently own three
sugar mills in Brazil, UMA, Ang&eacute;lica and Ivinhema. Our mills produce sugar, ethanol and energy, and have the flexibility
to adjust the production mix between sugar and ethanol, to take advantage of more favorable market demand and prices at given points
in time. As of March 31, 2015, our sugar mills had a total installed crushing capacity of 10.2 million tons of sugarcane, of which
9.0 million tons&nbsp;&nbsp;correspond to our sugarcane cluster in Mato Grosso do Sul, Brazil. As of December 31, 2014, we concluded
the 2014 harvest crushing an aggregate volume of 7.2 million tons of sugarcane.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Usina Monte Alegre
mill (&#147;UMA&#148;) is located in the state of Minas Gerais, Brazil, and has a sugarcane crushing capacity of 1.2 million
tons per year, full cogeneration capacity and an associated sugar brand with strong presence in the regional retail market (<I>A&ccedil;&uacute;car
Monte Alegre</I>). We plant and harvest 97.5% of the sugarcane milled at UMA, with the remaining 2.5% acquired from third parties.
On December 31, 2014, UMA concluded its harvest operations for the 2014 season, crushing 1.2 million tons of sugarcane.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Ang&eacute;lica is a
advanced mill, which we built in the state of Mato Grosso do Sul, Brazil, with a total sugarcane crushing capacity of 4.0 million
tons per year. Ang&eacute;lica was completed in 2010 and is equipped with two modern high pressure boilers and three turbo-generators
with the capacity to use all the sugarcane bagasse by-product to generate approximately 96 MW of electricity that is used to power
the mill with an excess of 64MW available for sale to the power grid. Ang&eacute;lica has the flexibility to vary the product slate
between 60% to 40% for either product.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During mid 2011, we
started the construction of our third mill, Ivinhema, located in the state of Mato Grosso do Sul, approximately 45 kilometers south
of our existing Angelica mill, in order to complete our planned sugarcane cluster in that region. The construction of the first
phase of the Ivinhema mill was completed during the beginning of 2013 reaching 2.0 million tons of sugarcane crushing capacity,
and milling operations commenced on April 25, 2013.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During early 2014, we
began the construction of the second phase of the Ivinhema, adding 3.0 million tons of additional nominal crushing capacity. The
investment consisted of expanding the milling equipment, building a new fluidized bed boiler, two new electrical generators and
expanding the sugar factory and ethanol distillery, as well as expanding the sugarcane plantation and agricultural machinery.As
of the date of this report, the second phase of the construction of Ivinhema has been completed. The mill has a total milling capacity
of 5.0 million tons per year. The mill is equipped with state-of-the-art technology including full cogeneration capacity, flexibility
to produce sugar and ethanol and fully mechanized agricultural operations. Ivinhema is expected to produce up to 300,000 tons of
sugar, 240,000 cubic meters of ethanol and 360,000 MWh of energy exports.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of March 30, 2014,
accumulated capital expenditures in Ivinhema, including cost expensed in sugarcane planting, agricultural machinery and mill equipment,
reached R$1,134 million, or approximately R$227 per ton of crushing capacity.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 95%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2px; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2px; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Capital
    Expenditures</B></font></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>R$
    million</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>R$
    per ton</b></font></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Industrial equipment</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">691.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">138.2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agricultural machinery</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">223.5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">44.7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugarcane planting</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">219.5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">43.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,134.0</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>226.8</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The completion of the Ivinhema
mill consolidates our state-of-the-art sugarcane cluster in Mato Grosso do Sul, with a total nominal crushing capacity of 9.0 million
tons. We expect our sugarcane cluster will generate operational synergies and economies of scale that will allow us to become one
of the lowest cost producers of sugar and ethanol in Brazil. These efficiencies result from a large-scale sugarcane production
and industrial operation, including centralized management of both mills, harvesting efficiencies due to the ability to conduct
non-stop harvesting and a reduction in sugarcane transportation costs.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The construction and
operation of the Ivinhema mill is subject to environmental licensing. Generally, the environmental agencies of each state are responsible
for issuing environmental permits. The criteria for environmental licensing is defined and regulated by the National Council of
the Environment (CONAMA), under Resolution No. 237 of December 19, 1997. On March 23, 2012, we obtained the installation license
(licen&ccedil;a de instala&ccedil;&acirc;o) from Instituto de Meio Ambiente de Mato Grosso do Sul (&#147;IMASUL&#148;) for the
commencement of the construction and assembly of the first and second phase of the Ivinhema mill, for a nominal crushing capacity
of up to 4.1 million tons of sugarcane.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition to the installation
license, the Ivinhema mill must obtain operational licenses and other permits including licenses for water capture and use of controlled
products, among others. Failure to obtain the necessary environmental licenses may prevent us from operating the Ivinhema mill
or may subject us to sanctions.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our cluster is expected
to have a crushing capacity of 10.0 million by 2017.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We plant and harvest
89.2% of the sugarcane milled at our cluster, with the remaining 10.8% acquired from third parties. On December 31, 2014, our sugarcane
cluster concluded its harvest operations for the 2014 season, crushing 6.0 million tons of sugarcane.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Our Main Products</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
sets forth a breakdown of our production volumes by product for the years indicated:</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    Ended December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 47%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">413,687</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">335,643</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">281,662</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ethanol</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">299,810</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">268,053</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">183,713</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Energy (MWh exported)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">445,705</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">300,208</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">238,540</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Note: Sugar volumes are
measured in thousands of tons (raw value), ethanol volumes are measured in thousand cubic meters and electricity is measured in
MWh.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
sets forth our sales for each of the sugarcane by-products we produce for the years indicated:</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    Ended December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="11" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 47%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">156,584</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">133,597</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">134,766</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ethanol</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">165,870</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,382</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">121,544</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Energy</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">66,800</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,463</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,649</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,019</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">373</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>389,254</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>317,461</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>282,332</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Sugar</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of March 31, 2015
our sugar production capacity was approximately 3,500 tons per day which, in a normal year of 4,500 hours of milling, results in
an annual sugar maximum production capacity of over 672,000 tons of sugar.&nbsp;&nbsp;The increased capacity is the result of enhanced
operational efficiencies and the completion of the second phase of the Ivinhema mill. In 2014, we produced 413,687 tons of sugar,
compared to 335,643 tons of sugar in 2013 and 281,662 tons of sugar in 2012.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We produce two types
of sugar: very high polarization (&#147;VHP&#148;) standard raw sugar and white crystal sugar. VHP sugar, a raw sugar with a
99.3% or higher sucrose content, is similar to the type of sugar traded in major commodities exchanges, including the standard
NY11 contract. The main difference between VHP sugar and NY11 raw sugar is the sugar content of VHP sugar, and it therefore commands
a price premium over NY11 raw sugar. Crystal sugar is a non-refined white sugar (color 150 ICUMSA) produced directly from sugarcane
juice.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Sugar sales comprised
22% of our total consolidated sales in 2012, 21% of our total consolidated sales in 2013 and 24% of our total consolidated sales
in 2014.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Ethanol</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of March 2015 our
ethanol production capacity was approximately 2,900 cubic meters per day which, in a normal year of 4,500 hours of milling, results
in maximum annual production capacity of over 556,800 cubic meters of ethanol. The increased capacity is the result of enhanced
operational efficiencies and the completion of the second phase of the Ivinhema mill. In 2012 we produced 183,713 cubic meters
of ethanol, compared to 268,053 cubic meters in 2013 and 299,810 cubic meters in 2014.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We produce and sell
two different types of ethanol: hydrous ethanol and anhydrous ethanol (as further described in &#147;&mdash;Production Process&mdash;Ethanol&#148;).
Ethanol sales comprised 20% of our total consolidated sales in 2012, 21% of our total consolidated sales in 2013 and 20% of our
total consolidated sales in 2014.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Cogeneration</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
generate electricity from sugarcane bagasse (the fiber portion of sugarcane that remains after the extraction of sugarcane juice)
in our three mills located in Brazil. As of March 31, 2015, the completion of the second phase of the Ivinhema mill resulted in
a total installed cogeneration capacity of 232MW, of which 156MW are available for resale to third parties after supplying our
mills&#146; energy requirements. The ability to generate electricity from the by-product of the sugarcane crushing process on
a large enough scale to fully power a mill with excess electricity being available is referred to as having full cogeneration capacity.
Our three mills are duly licensed by the Ag&ecirc;ncia Nacional de Energia El&eacute;trica (&#147;ANEEL&#148;) to generate and
sell electricity. During the year ended December 31, 2014 , 2013 and 2012 we sold 442,706 MWh, 354,040 MWh and 317,211 MWh to the
local electricity market, comprising 8%, 4% and 3% of our consolidated&nbsp;&nbsp;sales respectively.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Production Process</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Sugar.</U></I>
There are essentially five steps in the sugar manufacturing process. First, we crush the sugarcane to extract the sugarcane juice.
We then treat the juice to remove impurities. The residue is used to make an organic compost used as fertilizer in our sugarcane
fields. The juice is then boiled until the sugar crystallizes, and sugar is then separated from the molasses (glucose which does
not crystallize) by centrifugation. The resulting sugar is dried and sent to storage and/or packaging. We use the molasses in our
production of ethanol.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Ethanol.</U></I>
Ethanol is produced through the fermentation of sugarcane juice or diluted molasses. Initially, we process the sugarcane used in
ethanol production the same way that we process it for sugar production. The molasses resulting from this process is mixed with
clear juice and then with yeast in fermentation vats, and the resulting wine has an ethanol content of approximately 8% to 10%.
After the fermentation is complete, the yeast is separated for recycling in the ethanol production process. We distill the wine
to obtain hydrous ethanol. In order to produce anhydrous ethanol, hydrous ethanol undergoes a dehydration process in a molecular
sieve. The liquid remaining after these processes is called vinasse, which we further process to make liquid organic fertilizer
that we use in our sugarcane plantations.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Cogeneration.</U></I>
Sugarcane is composed of water, fibers, sucrose and other sugars and minerals. When the sugarcane goes through the milling process,
we separate the water, sugar and minerals from the fibers or sugarcane bagasse. Bagasse is an important sub-product of sugarcane,
and it is used as fuel for the boilers in our mills. Sugarcane bagasse is burned in our state-of-the-art boilers to produce high
pressure steam (67 atm) which is used in our high-efficiency turbo-generators to generate electricity to power our mills. The excess
electricity, about 66% of production, is sold to the national power grid.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following flow chart
demonstrates the sugar, ethanol and cogeneration production process:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><IMG SRC="img003_v2.jpg" ALT="(GRAPHIC)"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Historically, the energy
produced by Brazilian mills has not been price competitive when compared to the low-cost Brazilian hydro-electricity, which accounts
for almost 90% of the country&#146;s electricity matrix. Consequently, the majority of the groups in the sugar and ethanol sector
have not invested in expanding their energy generation for sale, and the majority of the mills were constructed with less efficient,
low-pressure boilers. Since 2000, the Brazilian economy has experienced significant growth, which in turn has resulted in increased
demand for energy.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">However, hydro- and
thermo-electricity have not been able to keep pace for the following reasons: (1) new hydro-electric plants are located in regions
(such as the Amazon) distant from consumption centers; (2) significant lead-time is required to construct new hydro- and thermo-electric
plants; (3) significant investments are required for transmission lines, pipelines (for natural gas used in thermo-electric plants)
and barges; (4) significant environmental costs are associated with both types of electricity generation; and (5) prices for fuel
(natural gas) used in the generation of thermo-electricity have increased resulting in greater dependence on Bolivia (Brazil&#146;s
principal natural gas supplier). As a result, energy prices in Brazil have been increasing, and alternative sources, such as the
electricity from the cogeneration of sugarcane bagasse, have become increasingly competitive and viable options to satisfy the
increasing energy demands. Sugarcane bagasse cogeneration is particularly competitive since sugarcane-based electricity is generated
following the sugarcane harvest and milling which occurs during the dry season in Brazil, when hydroelectric generation is at
its lowest levels.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 91%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The main advantages of energy generated by sugarcane bagasse are:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It is a clean and renewable energy;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It complements hydropower, the main source of Brazilian energy, as it is generated during the sugarcane harvest period (April to December) when water reservoirs are at their lowest level;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It requires a short period of time to start operations; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It requires only a small investment in transmission lines when plants are located close to consumer centers.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of March 2015, our
total installed cogeneration capacity at our cluster and UMA mill was 216MW and 16MW respectively, of which 144MW and 12MW are
available to sell to the market.&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We believe that there
is a high potential for growth in the generation of electricity, and we are prepared to make investments to the extent economically
viable.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Storage and Conditioning</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our sugar and ethanol
storage and conditioning facilities are located at our mill sites and allow us to deliver our products when they are ready to
be commercialized with no third-party involvement. Having such facilities at mill sites allows us to (i) reduce storage and conditioning
costs; (ii) reduce freight costs since we only commence moving the product once the final destination is determined, whether locally
or to a port; and (iii) capitalize on fluctuations in the prices of sugar and ethanol.</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Nominal
    Storage Capacity&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Cluster</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>UMA</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 67%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ethanol (cubic meters)</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">140,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">167,800</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar (tons)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">155,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36,400</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">191,400</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Marketing, Sales and
Distribution</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Sugar:</U></I>
We sell sugar both in the domestic and the international markets at prices that depend on our price parity calculation, which considers
each market&#146;s price and the associated costs. Prices for the sugar we sell in Brazil are set, using an index calculated by
the Agriculture College of the University of S&atilde;o Paulo (<I>Escola Superior de Agricultura Luiz de Queiroz</I>, or &#147;ESALQ&#148;),
with a premium in the state of Minas Gerais due to the use of our regional brand, &#147;Monte Alegre,&#148; the market leader
in the southern part of that state. Prices for the sugar we export are set in accordance with international market prices. International
prices for raw sugar are established in accordance with the NY11 futures contracts. Our largest six customers for sugar comprised
approximately 81% of our sales in the period ended December 31, 2014.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Ethanol:</U></I>
Almost all of our ethanol sales are in the domestic Brazilian market given the increasing demand generated from the increase in
flex-fuel vehicles in Brazil and better ethanol parity at the gas stations. Around 35% of our ethanol sales are made through formal
agreements. The remaining volumes are sold through daily sale orders through specialized brokerage firms that act in the ethanol
domestic market, whose role is to intermediate the sale of ethanol between the ethanol producers and the domestic ethanol distribution
companies, the prices for these transactions are set using the ESALQ and the futures and commodity exchange of the BM&amp;FBOVESPA
indices for ethanol as a reference. Our largest eight customers by volume comprised approximately 62% of our sales in the period
ended December 31, 2014.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Cogeneration:</U></I>
We also sell electricity co-generated at our sugar and ethanol mills to local electricity commercialization companies and directly
to the spot market. Sales are made in the spot market with brokers, through government auctions, to distributors and through long-term
contracts. Our largest four customers comprised 84% of our sales revenues in the period ended December 31, 2014.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Brazilian energy
agency, ANEEL, has organized yearly auctions for alternative energy and for renewable sources at favored rates. As a hedging strategy,
we sell the electricity production of our mills through long-term contracts adjusted for inflation by reference to the National
Index of Consumer Prices (&#147;IPCA&#148;).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In 2009, UMA entered
into a 10-year agreement with CEMIG&nbsp;for the sale of approximately 46,2 K MWh during the harvest periods each year (May to
November of each year) at a rate of R$ 219.95 per megawatt hour. In 2009, Ang&eacute;lica sold energy in a public auction carried
out by Camara de Comercializa&ccedil;&atilde;o de Energia El&eacute;trica (&#147;CCEE&#148;), Ang&eacute;lica entered into a
15-year agreement with CCEE for the sale of 87,600 MWh per year at a rate of R$214.65 per MWh. In August 2010, Ang&eacute;lica
participated in a public auction, whereupon Ang&eacute;lica entered into a second 15-year agreement with CCEE starting in 2011,
for the sale of 131,400 MWh per year at a rate of R$191.54 per MWh. The delivery period for the first auction is May &nbsp;to December
and for the second the delivery period starts in April and ends in November of each year. The rates under both agreements are adjusted
annually for inflation by reference to the IPCA. &nbsp;In August 2013, Ivinhema sold 87,600 MWh in an auction carried out by CCEE
at R$146.08 per MWh. This volume will start to be delivered in 2018 and its price is adjusted annually by IPCA.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Land Transformation</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Land transformation
is an important element of our business model and a driver of value creation. Through land transformation, we optimize land use
and increase the productive potential and value of our farmland. Our land transformation model consists of changing the use of
underutilized or undermanaged agricultural land to more profitable cash generating agricultural activities, such as turning low
cash-yielding cattle pasture land into high cash-yielding croppable land, allowing profitable agricultural activities, such as
crop, rice and sugarcane production.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Since our inception,
we have successfully identified multiple opportunities for the acquisition of undeveloped or undermanaged farmland with high potential
for transformation. During the thirteen-year period since our inception, we have effectively put into production over 166,737 hectares
that were previously undeveloped or inefficiently managed and are undergoing the transformation process.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The land transformation
process begins by determining the productive potential of each plot of land. This will vary according to soil properties, climate,
productive risks, and the available technology in each specific region. Before commencing the transformation process, we perform
environmental impact studies to evaluate the potential impact on the local ecosystem, with the goal of promoting environmentally
responsible agricultural production and ecosystem preservation, thereby supporting sustainable land use. We do not operate in heavily
wooded areas or primarily wetland areas.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The transformation process
for underdeveloped and undermanaged land requires us to make initial investments during a period of one to up to three years, and
the land reaches stable productive capability the third to seventh year following commencement of the land transformation activities.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We are engaged in three
different categories of the land transformation process, which are defined by the previous use of the land:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">(i) Undeveloped
land (savannahs and natural grasslands): This is the most drastic transformation phase since it demands both physical and chemical
transformation of the soil. First, the land is mechanically cleared to remove native vegetation. The soil is then mechanically
leveled for agricultural operations: in the case of land being transformed for rice production, this process involves heavy land
movements and systematization required for irrigation and drainage channels, roads and bridges. In the case of land destined for
sugarcane plantations, land movements will also be necessary for the construction of terraces to prevent the excess of water runoff.
Certain soils must be chemically treated and corrected by incorporating nutrients such as limestone, gypsum and phosphorous, as
is the case of the Brazilian &#145;Cerrado&#146;. Soil correction is not required in Argentina or Uruguay due to the natural
fertility of the soil. Pesticides and fertilizers are then applied to the soil in preparation for planting. In the case of land
destined for crop production (grains and oilseeds), soybean, which is sometimes referred to as a colonizing crop, is usually planted
during the first years due to its resistance to pests, weeds and extreme weather and soil conditions. Thereafter, the land will
enter into a crop rotation scheme to reduce the incidence of plague and disease and to balance soil nutrients. In the case of rice
and sugar cane, which are produced in a monoculture system, there is no colonizing crop or rotation involved. Intensive plague
and weed controls and additional soil correction will take place during these first three to five years. Land productivity or yields,
measured in tons of soybean or other crops per hectare, will be initially low and will gradually increase year by year. During
the first five to seven years, the yields will increase at high and sustained rates. After the seventh year we consider the land
developed as yield volatility is reduced and growth is only achievable at marginal rates. Since our inception in 2002, we have
put into production 65,911 hectares of undeveloped land into productive croppable land.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">(ii) Undermanaged
or underutilized farmland (cultivated pastures and poorly managed agriculture): This transformation process is lighter than the
one described above since it does not require the initial mechanical clearing of vegetation or land leveling. Only in the case
of land being prepared for rice production will leveling be required for efficient flood-irrigation. The transformation of cattle
pastures or poor agriculture in the Brazilian &#145;Cerrado&#146; will begin with soil correction and soil tillage in preparation
for planting of the first soybean or sugarcane crop. The process will then continue as described in the case above. Land productivity
or crop yields will grow at high rates during the first three to five years of the transformation process and will then commence
to stabilize and grow at marginal rates, at which point we consider the land developed. Since our inception in 2002 we have put
into production 100,826 hectares of undermanaged or underutilized farmland into croppable land.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">(iii) Ongoing
transformation of croppable land: The application of efficient and sustainable crop production technologies and best practices
such as &#147;no-till&#148;, crop rotations, integrated pest and weed management and balanced fertilization, among others, incrementally
increases soil quality and land productivity over time, maximizing return on invested capital and increasing the land value of
our properties. Our entire farmland portfolio is constantly undergoing this phase of land transformation. During the 2013/2014
harvest year, we operated 122,041 hectares of own developed farmland which were enhanced by the use of best productive practices
and technology.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In each of these categories
of transformation, the metric the company uses to track the level and analyze the progress of the transformation process is the
level and tendency of crop yields and the number of years the land has been under crop production. Consequently, the process of
land transformation is evidenced by the results of the activities within our other business segments, primarily our crops, rice
and sugarcane segments. Accordingly the costs associated with the transformation process described above are allocated within these
other business segments. As a result, there may be variations in our results from one season to the next according to the amount
of farmland undergoing transformation and the amount of land sold and our ability to identify and acquire new farmland.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our land transformation
segment seeks not only to profit from crop and rice cultivation, but also from the opportunistic disposition of successfully transformed
farmland. We strategically sell farms that have reached productive maturity with marginal potential for further productivity increases
(years three to seven after commencing the land transformation process) to realize and monetize the capital gains arising from
the land transformation process. Land transformation proceeds are in turn reinvested in the purchase of strategic farmland with
potential for transformation and appreciation. The rotation of our land portfolio allows us to allocate capital efficiently. Since
2006 we have had a solid track record of selling farmland and achieving profitable returns. During the last eight years, we have
sold&nbsp;17 farms, generating capital gains of approximately $185 million.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">These capital gains
are generated by three main factors:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">(i) the acquisition
of land at opportunistic prices below the market value or fair value of the land;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">(ii) the land
transformation and ongoing land transformation process described above enhances the productivity and profitability of land, ultimately
increasing the value of the land; and</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">(iii) general
market appreciation of land driven by increase in commodity prices and supply and demand dynamics in the land market. In this regard,
during the last 30 years, since 1977, farmland prices in Argentina&#146;s core production region have increased an average of
8.1% per year according to data published by <I>Margenes Agropecuarios</I>. The value of the farms we sold between 2006 and 2014
as well as our overall land portfolio, has been positively impacted by this external factor.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We believe we are one
of the most active players in the land business in South America. Since our inception in 2002, we have executed transactions for
the purchase and sale of land for over $652 million. Our business development team is responsible for analyzing, selecting, acquiring
and selling land. The team has gained extensive expertise in evaluating and acquiring farmland throughout South America, and has
a solid understanding of the productivity potential of each region and of the potential for land transformation and appreciation.
Since 2002, the team has analyzed over 11 million hectares of farmland with a total value of approximately $16 billion. We have
developed a methodology to analyze investment opportunities, taking into account price, transformation potential, productive model,
financial projections, and investment requirements, among others. Our analysis also employs advanced information technology, including
the use of satellite images, rain and temperature records, soil analyses, and topography and drainage maps. From time to time,
we may leverage our favorable position in and knowledge of the land market to engage in opportunistic buying and selling transactions.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
sets forth our acquisitions and divestitures since our inception:</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Acquisition</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Divestitures</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total
    Land Holdings</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    Ended December 31,&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    hectares)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 67%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2002</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">74,898</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">74,898</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left "><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2003</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">74,898</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2004</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34,659</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">109,557</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2005</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22,262</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">131,819</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2006</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,759</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,507</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">134,071</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2007</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">113,197</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,714</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">239,274</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2008</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">43,783</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,857</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">278,200</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2009</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,005</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">273,195</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2010</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,755</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,086</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">282,864</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left "><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2011</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,992</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,439</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">293,417</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,475</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">283,942</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,176</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">269,838</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,887</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">257,036</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Our Farms</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Appraisal of Farms.</U></I>
In September 2014, in order to assess the market value of rural properties in Brazil, Argentina and Uruguay, we requested an appraisal
by Cushman &amp; Wakefield Argentina S.A., independent real estate valuation firm knowledgeable about the agriculture industry
and the local real estate market. As part of these appraisals, the value of each of our properties was determined using the sales
comparison approach taking into account current offerings and prices buyers had recently paid for comparable sites, adjusted for
the differences between comparable properties and the subject property to arrive at an estimate of the value. The major elements
of comparison used to value the properties included the property rights conveyed, the financial terms incorporated into the transaction,
the conditions or motivations surrounding the sale, changes in market conditions since the sale, the location of the real estate
and the physical characteristics of the property.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The abovementioned valuations
assumed good and marketable title to subject properties, which were assumed to be free and clear of all liens and encumbrances.
The valuation did not include site measurements and no surveys of the subject properties were undertaken. In addition, the valuations
also assumed (a) responsible ownership and competent management of the subject properties; (b) there were no hidden or unapparent
conditions of the subject properties, subsoil or structures that render the subject properties more or less valuable; (c) full
compliance with all applicable federal, state and local zoning and environmental regulations and laws and (d) all required licenses,
certificates of occupancy and other governmental consents were or can be obtained and renewed for any use on which the value opinion
contained in the appraisals is based. Unless otherwise stated in the appraisals, the existence of potentially hazardous or toxic
materials that may have been used in the construction or maintenance of the improvements or may be located at or about the subject
properties was not considered in arriving at the appraisal of value. These materials (such as formaldehyde foam insulation, asbestos
insulation and other potentially hazardous materials) may adversely affect the value of the subject properties.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Cushman &amp; Wakefield
has informed us their assessment of the market value of our farmland as of September 30, 2014. According to Cushman &amp; Wakefield,
the market value of our farmland totaled $884.4 million, out of which $749.0 million correspond to the market value of our farmland
in Argentina and Uruguay, and the remaining $135.4 million correspond to the market value of our farmland in Brazil. These valuations
are only intended to provide an indicative approximation of the market value of our farmland property as of September 30, 2014
based on then current market conditions. This information is subject to change based on a host of variables and market conditions.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Farm&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>State,
    Country</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Gross
    Size&nbsp;</B></FONT><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Hectares)</B></FONT></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Current
    Use</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 24%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">El Meridiano</FONT></TD>
    <TD STYLE="width: 3%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 34%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Buenos Aires, Argentina</FONT></TD>
    <TD STYLE="width: 3%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,302</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grains</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Las Horquetas</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Buenos Aires, Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,086</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grains &amp; Cattle</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">San Carlos</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Buenos Aires, Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,215</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grains</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Huelen</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">La Pampa, Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,633</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grains</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">La Carolina</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Santa Fe, Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,444</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grains &amp; Cattle</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">El Orden</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Santa Fe, Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,875</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grains &amp; Cattle</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">La Rosa</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Santa Fe, Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,087</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grains &amp; Cattle</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">San Joaqu&iacute;n</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Santa Fe, Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37,273</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rice, Grains &amp; Cattle</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Carmen</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Santa Fe, Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,021</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grains</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Abolengo</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Santa Fe, Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,473</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grains</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">La Ca&ntilde;ada</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">San Luis, Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,400</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grains</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Santa Lucia</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Santiago del Estero, Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17,484</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grains &amp; Cattle</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">El Colorado</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Santiago del Estero, Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,960</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grains</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">La Guarida (1)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Santiago del Estero, Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,880</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grains &amp; Cattle</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">La Garrucha (1)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Salta, Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,839</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grains</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Los Guayacanes (1)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Salta, Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,693</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grains</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Omb&uacute;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Formosa, Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,321</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grains &amp; Cattle</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Oscuro</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corrientes, Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33,429</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rice, Grains &amp; Cattle</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It&aacute; Caab&oacute;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corrientes, Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22,894</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rice, Grains &amp; Cattle</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alto Alegre</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tocantins, Brazil</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,082</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grains &amp; Cotton</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Conquista</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tocantins, Brazil</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,325</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grains &amp; Cotton</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bela Manh&atilde;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mato Grosso do Sul, Brazil</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">381</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugarcane</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ouro Verde</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mato Grosso do Sul, Brazil</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">683</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugarcane</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Don Fabr&iacute;cio</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mato Grosso do Sul, Brazil</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,304</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugarcane</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Takuar&ecirc;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mato Grosso do Sul, Brazil</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">490</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugarcane</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agua Branca</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mato Grosso do Sul, Brazil</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,675</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugarcane</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nossa Senhora Aparecida</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mato Grosso do Sul, Brazil</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">540</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugarcane</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sap&aacute;lio</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mato Grosso do Sul, Brazil</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,062</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugarcane</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Carmen (Agua Santa)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mato Grosso do Sul, Brazil</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">146</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugarcane</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">La Pecuaria</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Duranzo, Uruguay</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,177</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grains</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Do&ntilde;a Marina</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corrientes, Argentina</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,755</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rice</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>257,036</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(1)
In June 2014, we completed the sale of a 49.0% interest in Global Anceo S.L.U and Global Hisingen S.L.U, two Spanish subsidiaries
that owned La Guarida, La Garrucha and Los Guayacanes farms.</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A substantial portion
of our assets consists of rural real estate. The agricultural real estate market in Brazil, Argentina and Uruguay is particularly
characterized by volatility and illiquidity. As a result, we may experience difficulties in immediately adjusting our portfolio
of rural properties in response to any alterations in the economic or business environments. The volatility of the local market
could affect our ability to sell and receive the proceeds from such sales, which could give rise to a material adverse effect on
our business, results of operations and financial condition. See &#147;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks
Related to Our Business and Industries&mdash;A substantial portion of our assets is farmland that is highly illiquid.&#148;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Land Leasing and
Agriculture Partnerships.</U></I> We enter into operating lease agreements based on criteria regarding the quality and projected
profitability of the property, as well as our production and yield objectives in the short or medium term. Generally, we become
aware of farms available for lease directly through the owners of farms near our farms and in some cases through regional brokers.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We tend to be more open
to leasing farmland for sugarcane production than for our farming businesses, where we own the majority of the land that we farm.
We lease land for our sugarcane production primarily because leases in this sector are long term, lasting between one or two sugarcane
cycles (with each cycle lasting generally 6 years), which allows us to implement and reap the productivity benefits of our land
transformation strategies. Sugarcane lease payments are established in terms of tons of sugarcane per hectare, depending on the
productivity of the land in terms of tons per hectare and sucrose content per hectare and also on the distance from the land to
the mill. Sugarcane prices are based on the market value of the sugarcane set forth by the regulations of the State of Sao Paulo
Sugarcane, Sugar and Alcohol Growers Counsel (Conselho dos Produtores de Cana-de-A&ccedil;&uacute;car, A&ccedil;&uacute;car e &Aacute;lcool
do Estado de Sao Paulo, or &#147;Consecana&#148;).&nbsp;&nbsp;Given the strategic location of our mills in the region and the
inherent inefficiency of growing crops other than sugarcane in this region, we expect to be able to renew our leases for the sugarcane
farmland with minimal issues.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">With respect to our
farming business, the initial duration of lease agreements is generally one harvest year. Leases of farmland for production of
grains include agreements with both fixed and variable lease payments in local currency or U.S. dollars per hectare.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Land Management.</U></I>
We manage our land through an executive committee composed of a country manager, regional manager, farm manager and members of
the Technology Adecoagro Group (&#147;TAG&#148;) that meet on a monthly basis. We delegate individual farm management to farm
managers, who are responsible for farm operations and receive advisory support from TAG to analyze and determine the most suitable
and efficient technologies to be applied. Our executive committee establishes commercial and production rules based on sales, market
expectations and risk allocation, and fulfilling production procedures and protocols.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Following an acquisition
of property, we make investments in technology in order to improve productivity and to increase its value. Occasionally when we
purchase property, a parcel of the property is sub-utilized or the infrastructure may be in need of improvement, including traditional
fencing and electrical fencing, irrigation equipment and machinery, among other things.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Property, Plant and Equipment</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition to our
farmland, we also own the following principal industrial facilities:</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; width: 21%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Facility</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 2%; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 19%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Province,
    Country&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 2%; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; width: 31%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Relevant<BR>Operational
    Data</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 2%; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 23%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Current
    Use</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#147;Christophersen&#148;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Santa Fe, Argentina</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">18,700 tons of storage capacity.</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">2,400 tons per day of drying</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Capacity</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Seedbed and stockpiling plant (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#147;Semillero It&aacute; Caab&oacute;&#148;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corrientes, Argentina</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rice genetic improvement program</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#147;Molino Ala &mdash; Mercedes&#148;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corrientes, Argentina</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Installed capacity of 5,000 tons of white rice monthly, and husk rice drying capacity of 2,400 tons per day</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rice processing and drying plant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#147;Molino Ala &mdash; San Salvador&#148;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Entre R&iacute;os, Argentina</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Installed capacity of 5,000 tons of white rice monthly, and husk rice drying capacity of 1,100 tons per day</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rice processing and drying plant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Molino Franck</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Santa Fe, Argentina</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Processing capacity of 5,600 tons of white rice monthly, and husk rice drying capacity of 1,800 tons per day</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rice processing and drying plant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#147;Ang&eacute;lica Agroenerg&iacute;a&#148;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mato Grosso do Sul, Brazil</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Installed milling capacity of 4.0 million tons of sugarcane annually, 330,000 tons&nbsp;&nbsp;of VHP sugar and over 220,000 cubic meters of ethanol, and over 250,000 MWh</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar and ethanol mill producing hydrated ethanol, anhydrous ethanol and VHP sugar. Sells energy to local network</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#147;Ivinhema Agroenerg&iacute;a&#148;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mato Grosso do Sul, Brazil</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Installed milling capacity of 5.0 million tons of sugarcane annually, 300,000 tons of VHP sugar, 240,000 cubic meters of ethanol, and over 360,000 MWh</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar and ethanol mill producing hydrated ethanol and VHP sugar. Sells energy to local network</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#147;Usina Monte Alegre&#148;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Monte Belo, Brazil</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Present milling capacity of 1.2 million tons of sugarcane annually, 120,000 tons of VHP and white sugar and over 40,000 cubic meters of ethanol and 50,000 MWh</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar mill producing VHP and white sugar and hydrated ethanol. Sells energy to local network</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
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    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Classification of wheat and soybean
    seeds.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For additional information
regarding our property, plant and equipment, see Note 6 of the consolidated financial statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Customers</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We sell manufactured
and agricultural products to a large base of customers. The type and class of customers may differ depending on our business segments.
For the year ended December 31, 2014 more than 50% of our sales&nbsp;&nbsp;of crops were sold to 13 well-known customers (both
multinational or local) with good credit history. Of these customers, our biggest three customers represented almost 20% of our
sales and the remaining ten represented approximately 30% of our net sales in the course of that year.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In the Sugar, Ethanol and
Energy segment, sales of ethanol were concentrated in 6 customers, which represented 68% of total sales of ethanol for the year
ended December 31, 2014. Approximately 81% of our sales of sugar were concentrated in 6 well-known traders for the year ended December
31, 2014. The remaining 19%, which mainly relates to &#147;crystal sugar&#148;, were dispersed among several customers. In 2014,
energy sales are 94% concentrated in 4 major customers.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Competition</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The farming sector is
highly fragmented. Although we are one of South America&#146;s leading producers, due to the atomized nature of the farming sector,
our overall market share in some of the industries in which we participate is insubstantial. Our production volume, however, improves
our ability to negotiate favorable supply, transportation and delivery logistics with our suppliers, third-party transporters,
ports and other facilities, and customers. Although competition in agriculture varies considerably by product and sector, in general,
there are a large number of producers, and each one of them controls only a small portion of the total production. Therefore individual
producers often have little influence on the market and cause little or no effect on market prices as a result of their individual
strategies, explaining why producers are price takers and not price makers. In many cases, the price is established in international
market exchanges. As the majority of agricultural products are commodities, which stifles product differentiation, the principal
competition factors are cost of production and volume efficiency gains. In addition, agricultural producers face strong foreign
competition, and with this competition the factors are often more difficult to identify.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The majority of farming
producers in developed countries can rely on specific protectionist policies and subsidies from their governments in order to maintain
their position in the market. In general, we have been able to obtain discounts for the acquisition of supplies and excess prices
for our production in the farming sector. In this sector, we view SLC Agr&iacute;cola S.A., BrasilAgro &mdash; Companhia Brasileira
de Propriedades Agr&iacute;colas, Sollus Agr&iacute;cola, Radar Propriedades Agr&iacute;colas, El Tejar S.A., Cresud SACIF y A,
MSU S.A. and Los Grobo Agropecuaria, among others, as our competitors. We also compete in Argentina with retailers of agricultural
products, including other branded rice products, such as Molinos R&iacute;o de la Plata S.A., Dos Hermanos S.H., Sagem&uuml;ller
S.A. and Cooperativa Arroceros Villa Elisa Ltda.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The sugar and ethanol
industries are highly competitive. In Brazil, we compete with numerous small-and medium-sized sugar and ethanol producers. Despite
increased consolidation, the Brazilian sugar and ethanol industries remain highly fragmented, with more than 436 sugar mills.
Some of the largest industry players with whom we compete are Cosan Ltd., Grupo S&atilde;o Martinho S.A., A&ccedil;&uacute;car
Guarani S.A., Louis Dreyfus Commodities Brasil S.A., ETH Bioenergia S.A., Bunge, Grupo Zillo Lorenzetti, Grupo Carlos Lyra S.A.
and Grupo Irm&atilde;os Biaggi. We also face competition from international sugar producers, such as those in the U.S. and the
European Union, where local regulators have historically implemented tariffs, agriculture subsidies and/or other governmental
incentive programs, of which some remain, to protect local sugar producers from foreign competition. The following table describes
the Brazilian competitive landscape:</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 92%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013/2014
    Harvest Year</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Brazil</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number of Mills</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">389</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugarcane crushed (million tons)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">641.2</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ethanol Production (million cubic meters)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27.4</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar Production (million tons)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36.5</FONT></TD>
    </TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>



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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Source:
Ministry of Agriculture &amp; CONAB</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">With respect to farmland,
there have historically been few companies competing to acquire and lease farmland for the purpose of benefiting from land appreciation
and optimization of yields in different commercial activities. However, we believe that new companies, may become active players
in the acquisition of farmland and the leasing of sown land, which would add competitors to the market in coming years.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Supplies and Suppliers</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our principal supplies
for our farming business are seeds, fertilizers, pesticides and fuel, which represented 10%, 11%, 16% and 11%, respectively, of
our total direct expenditures (including leasing cost) for supplies and services and were collectively 42% of our total expenditure
for supplies in the farming business for 2014. Further, these supplies represented 49% of our total production cost for 2014.&nbsp;&nbsp;As
we use direct sowing in 99% of our planted area, without requiring soil preparation, fuel represents only 10% of the total cost
of production for 2014.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our principal supplies
for our sugar, ethanol and energy business are diesel lubricants and fertilizers, which collectively represented 12% of our total
expenditures incurred in the sugar, ethanol and energy business for 2014. Further, these supplies represented 11% of our total
production cost for 2014. We have an extensive network of suppliers for each of our business segments and for each required input
within each segment, resulting in lower reliance on any particular supplier. Our ten largest suppliers account for 40% of our total
expenditures for supplies in 2014. While we value the relationships we have developed with each of our suppliers given the quality
we have come to expect, we do not consider any single supplier to be key to our production.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We have been able to
obtain lower prices particularly due to the volume that derives from our large-scale operations.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Seasonality</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 27pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our business activities
are inherently seasonal. We generally harvest and sell our grains (corn, soybean, rice and sunflower) between February and August,
with the exception of wheat, which is harvested from December to January. Cotton is a unique in that while it is typically harvested
from June to August, it requires processing which takes about two to three months to complete. Sales in our dairy business segment
tend to be more stable. However, milk production is generally higher during the fourth quarter, when the weather is more suitable
for production. The sugarcane harvesting period typically begins in April/May and ends in November/December. This creates fluctuations
in our sugarcane inventory, usually peaking in December to cover sales between crop harvests (<I>i.e.</I>, January through April).
As a result of the above factors, there may be significant variations in our financial results from one quarter to another. In
addition our quarterly results may vary as a result of the effects of fluctuations in commodities prices, production yields and
costs on the determination of changes in fair value of biological assets and agricultural produce. See &#147;Item 5. Operating
and Financial Review and Prospects&mdash;A. Operating Results&mdash;Critical Accounting Policies and Estimates&mdash;Biological
Assets and Agricultural Produce.&#148;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Sustainability</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our production model
is based on sustainability standards that seek to produce food and renewable energy on a long-term basis by preserving the natural
resources involved in the production process. The sustainable approach to farming requires taking into account economic, social
and environmental factors adapted to local circumstances. Natural resources are the main foundation of our activities, with land
being the most relevant natural resource in our operations. We have developed a sustainable land use strategy that considers factors
beyond the requirements of local law and regulations. There are ecosystems that we do not consider appropriate for the use of agricultural
development, such as heavy forest and key wetlands, and there are others that we evaluate using (savannahs, natural grasses, bush
land, lowlands) only after carrying out an environmental impact assessment. In addition to such evaluations, we analyze the agricultural
potential of the land in respect of the soil, the climate, crop productivity and available technology, among other factors. We
then consolidate our analysis into a land transformation plan, which includes the best land use option and implements best practices
such as the &#147;no-till&#148; technology, crop rotations, integrated pest and weed management, balanced fertilization, responsible
pesticide usage and water management. All these best practices aim to increase resource efficiency and to decrease the risk of
contamination and waste production and are consolidated into an environmental management plan, which includes biodiversity management
when applicable. We aim to properly implement our sustainable production model to enhance land productivity and therefore increase
land value.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Standardized and Scalable
Agribusiness Model</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We are developing an
agribusiness model that allows us to engage in large-scale farming activities in an efficient and sustainable manner. Our agribusiness
model consists of developing a specialized workforce and defining standard protocols to track crop development and control production
variables, thereby enhancing efficient decision making and facilitating continuous improvement. This approach allows us to grow
in scale and execute our expansion plan and efficiently manage various production units spread across different regions by effectively
replicating our productive model. Process standardization also helps us assure compliance with local law and regulations and reduce
social and environmental risks.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We continue to develop
and implement crop protocols. The purpose of these protocols is to coordinate and consolidate the knowledge on crop management
for each area in order to standardize the implementation of these protocols. The protocols contain all the technical information
for managing crops. This information is constantly reviewed by agricultural teams and their advisors, making it possible to preserve
the technical knowledge of the company and at the same time improve agricultural production and make decisions pursuant to the
company&#146;s guidelines. Based on the results of the application of these protocols, we conduct an annual review of the techniques
used and their results. This evaluation is done by means of crop campaign analysis, in which all teams review and discuss the last
harvest year&#146;s productive performance and the technological package for the new harvest year.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">When processes and protocols
are defined they can be audited and certified by qualified third parties. Adecoagro is currently in the process of certifying its
crop production in Argentina under ISO 9001. We are also working to implement ISO 14001 and OHSAS 18001 in some operating units.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In order to achieve
efficient scales of production, we have redesigned our field sizes by removing useless cattle infrastructure such as fencing. Larger
fields reduce the overlapping of farmworks, enhancing operating efficiency, reducing the use of inputs and achieving agronomic
timing (planting or harvesting on time). The goal is to reduce operative time and to improve efficiency in the use of inputs. Large-scale
production also requires the implementation of advanced technology such as GPS (Global Positioning System), GIS (Geographic Information
System) and modern machinery as well.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Contractors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Contractors play a significant role in our
farming business model. We seek to outsource most of the typical farmwork, such as planting, spraying and harvesting. Outsourcing
allows us to reduce our investments in heavy machinery and equipments such as tractors or harvesters, enhancing the efficient allocation
of our capital in our core productive activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The contractor model in the Argentine humid
pampas region has existed for over fifty years and has developed into a highly competitive market. Contractors have gained extensive
expertise and skill in the management of agricultural machinery and have access to modern advanced technology. We seek to develop
win-win relationships with our contractors by considering them as partners in our production and providing constant technical training
and support through our TAG (as defined below) activities. We strive to have a number of contractors associated with each farm
to generate competition and allow benchmarking to enhance operational efficiency and ensure high-quality service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">In regions where this model is not fully
developed, we use a mixed system where we hire the most experienced contractors in the region and we also operate our own machinery.
We promote the development of new contractors by providing training and selling them our used machinery. We also promote the movement
of selected contractors from developed regions into new marginal regions by offering them an opportunity to grow their businesses.
In other regions where there is no established contractor system or there is specific farmwork (rice land leveling for instance),
we own 100% of the machinery. In our Sugar, Ethanol and Energy business, we own or lease and operate all the agricultural equipment
and machinery needed for sugarcane planting and harvesting operations. Our main goal is to achieve high-quality farmwork, both
when selecting any contractor or when using our own machinery. In Brazil we partially employ the contractor model only for specific
tasks such as grain harvesting, land leveling, and aerial spraying among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Adecoagro Technical Group (Grupo Tecnico Adecoagro &#147;GTA&#148;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The GTA is an internal group formed by agronomists,
farm managers, external advisors, contractors, trainees and suppliers, whose main goal is to excel in production management by
providing constant technical education and analysis regarding production technologies. Although the GTA is focused on developing
such knowledge under a common criteria for the whole company, it also considers different production systems, such as crops, rice
and dairy in Argentina and Uruguay, crops in western Bahia, Brazil and sugarcane in Minas Gerais and Mato Grosso do Sul, Brazil.
In order to achieve their goals, the group meets every 20 days to analyze and discuss technical aspects of the farming production
processes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The GTA participates in the design of the
most efficient and productive land use strategies, the definition of the optimal crop production mix for each farm and region,
and supervises and evaluates the implementation of the most profitable and sustainable technologies to be adapted and applied in
each region. Additionally, the GTA promotes specific external training courses, facilitates participation in external technical
groups, organizes technical farm tours, offers support in establishing the crop planting plan and delivers a full-season analysis
for each crop annually. The crop analysis is essential in order to allow technical improvements to be implemented for the following
crop season.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Since the GTA is involved in different regions,
it plays a relevant role in spreading best practices among productive regions, including &#147;no-till&#148; in western Bahia.
In order to evaluate and adapt the proper technologies locally, a vast network of test plots in agrochemicals, seeds, and farm-works
are being carried out under specific technical guidelines. Such development is performed to make the necessary technological adjustments
in respect of fertilizer levels, choice of the best product varieties for each crop, determination of the best planting periods
and improvement in crop management and agricultural mechanization, resulting in higher yields coupled with reduced costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">In order to continually improve our technical
development, we participate in specialized industry groups, such as CREA and AAPRESID, with which we share values and goals. &#147;CREA&#148;
is a 50-year-old farmers&#146; association focused on developing and supporting technical excellence with local farmers. &#147;AAPRESID&#148;
is a technical association of highly innovative farmers specializing in no-till development. We participate in certain CREA and
AAPRESID discussion groups in which we share and evaluate common technical matters. We take advantage of their vast network of
test plots and we constantly exchange technological knowledge for implementation in our farms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">In addition, the GTA is focusing its resources
on pursuing improvements trough implementing advanced techniques such as variable inputs usage by type of soil based on precision
agriculture technology, intensification techniques relating to soil occupation times and diversified crop rotations, adjusting
&#147;no-till&#148; in rice production, developing sugarcane production technologies involving agricultural mechanization and
minimum tillage, and developing cotton production technologies involving &#147;no-till&#148; and crop rotation among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">By implementing all these education programs
and development activities, the GTA provides to the company a network that focuses on the fine-tuning and optimization of the efficiencies
throughout all the production processes of each business line.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Technology and Best Practices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">We have consistently used innovative production
techniques to ensure that we are at the forefront of technological improvements and standards in our industry. For example, we
use the &#147;no-till&#148; technology and &#147;crop rotation&#148; to improve our crop yields. We also practice the use of
&#147;second harvests&#148; where conditions permit, allowing us to plant and harvest a second crop from the same farmland in
the same harvest year. Our crop production model is based on balanced fertilization, integrated pest and weed management and crop
intensification. We use the innovative silo bag storage method in our rice and crop businesses allowing us to time the entry of
our rice production into the market at optimal price points. Additionally, we believe we were the first company in South America
to implement the innovative &#147;free-stall&#148; infrastructure in dairy operations resulting in increased raw milk production
compared to our peers. The free-stall method is a model that provides for better control over production variables by confining
dairy cows to a large barn that is equipped with indoor corrals and a mechanical advanced milking system on a rotary platform,
allowing us to utilize production efficiencies and thereby increase milk production volumes while maximizing our land use and resulting
in significantly higher conversion rates of animal feed into milk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Our sugarcane harvesting is 97% mechanized,
which has significantly improved operating efficiency, therefore reducing operating costs. We have modern facilities in the sugar
and ethanol business including advanced sugar and ethanol mills with high-pressure boilers and that achieve one of the highest
ratios of energy produced per ton of cane milled, according to the Cane Technology Center Benchmark program. Our Ang&eacute;lica
sugar plant was the first continuously operative facility in Brazil, requiring no production stoppages between sugar batches.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>No-Till</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">&#147;No-till&#148; is the cornerstone
of our crop production technology and the key to maintaining and even increasing the value and productivity of our land assets.
&#147;No-till&#148; &mdash; often called zero tillage or direct sowing &mdash; is a technology developed approximately 25 years
ago to grow crops from year to year without disturbing the soil through tillage, and arose as an opposition to conventional tillage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Conventional farming consists of using plows
to turn and till the soil to remove weeds, mix in soil additives such as fertilizers, and prepare the surface for seeding. Soil
tillage leads to unfavorable effects such as soil compaction, loss of organic matter, degradation of soil components, death or
disruption of microorganisms, evaporation of soil humidity and soil erosion where topsoil is blown or washed away by wind or rain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">&#147;No-till&#148; farming avoids these
negative effects by excluding the use of tillage. The &#147;no-till&#148; technology consists of leaving crop plant residues
on the surface of the soil after harvesting a crop. These residues form a mulch or permanent cover protecting the soil from erosion
risks caused by heavy rains and strong winds. This protective cover also helps natural precipitation and irrigation water infiltrate
the soil effectively while decreasing water loss from evaporation. Absence of tillage helps prevent soil compaction, allowing the
soil to absorb more water and roots to grow deeper into the soil. Furthermore, &#147;no-till&#148; reduces the emergence of weeds
and enhances biological processes that positively impact soil properties, conserving and even improving the presence of organic
matter and microorganisms and associated nutrients (nitrogen, phosphorous, etc).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The combination of these advantages results
in important cost reductions due to a lower use of inputs, mainly diesel, fertilizers and pesticides, and higher crop yields, thus
increasing the profitability of our business. These benefits are achieved in the medium to long term, resulting in a continuous
increase of land productivity and thus its value. From an operational standpoint, &#147;no-till&#148;&nbsp;&nbsp;facilitates
the conditions to perform most of the operations on time such as planting, spraying and harvesting, which enhances the development
of large-scale operations and specially improves the probability of planting each crop at the optimum moment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Crop Rotation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Crop rotation is the practice of growing
a series of dissimilar types of crops in the same area in sequential seasons. Crop rotation allows us to better control the buildup
of harmful weeds and reduces the incidence of plagues and diseases that often occur when the same commodity is continuously cropped.
Crop rotation also allows us to balance the fertility demands of various crops to avoid the excessive depletion of soil nutrients,
contributing to a more efficient use of fertilizers and a sustainable use of herbicides and pesticides. Crop rotation results in
increased yields and reduced production costs, providing a high rate of return. Our crop rotation model is tailored to each of
our farming regions based on climatic and soil conditions. For example, in Argentina&#146;s Humid Pampas, our three-year crop
rotation cycle involves the planting of a wheat crop followed by a soybean double-crop in the first year, a corn crop in the second
year, and a soybean crop in the third year. In Brazil, we pursue a six-year crop rotation cycle whereby we plant the following
crop sequence: corn, cotton, soybeans, cotton, soybeans and cotton.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Second Harvest &mdash; Double Cropping</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Second harvest, also known as &#147;double
cropping&#148;, is the practice of consecutively producing two crops on the same land within the same growing year. Double cropping
is possible only in regions with long growing seasons, which is determined mainly by climate conditions such as rain and temperature.
Double cropping allows us to increase the profitability of our land, diversify our production and commercial risk and enhance operational
efficiencies through a better utilization of machinery, freight, labor and other resources, resulting in a dilution of our fixed
costs. Double cropping has important agronomical advantages as well, such as having crops on the land for a longer period of time,
which, enhanced by &#147;no-till&#148; and crop rotation practices results in the improvement of the physical and chemical properties
of the soil in the long term. We implement and adapt different double cropping systems for each of our productive regions in Argentina
and Uruguay, with the most frequent being wheat/soybean, wheat/corn, sunflower/soybean, corn/soybean and sunflower/corn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Integrated Pest Management (IPM)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Integrated pest management (&#147;IPM&#148;)
involves a deep analysis of agronomical, economical and environmental aspects with the goal of determining the most efficient way
to control the pests. It simultaneously achieves two main goals: (i) enhancing crop productivity and (ii) decreasing the risk of
agrochemical contamination. The first stage of IPM is to train the people who will be involved in pesticide usage. The pesticide
to be applied is selected considering local regulations (only locally approved pesticides are used) and the minimum resulting environmental
risks due to its chemical classification. Additionally, when selecting biotechnologically developed crops, we evaluate the potential
reduction of pesticide uses that may be achieved. The doses of pesticides are defined by vendor recommendations and adjusted through
agronomical expertise (specific to a crop and a pest). The timing of pesticide application is based on economic threshold that
takes into account the crop situation (growing stage, climate conditions), the potential damage of the pest (type, population,
growing stage), the presence of &#147;beneficial&#148; pests, and finally, the price relationship between grains and pesticides.
We also use biological pest controls by breeding and releasing natural enemies of the relevant pest, as is the case with the borer
plague in sugarcane. The relevance of the pest is measured by implementing specific scouting methodologies, which are adapted to
large-scale farming. Scouting is carried out by trained employees who supervise all the fields on a weekly basis. The pesticide
doses are applied by high-tech machinery, the majority of which is outsourced. IPM machinery is accurately calibrated to increase
its application efficiency and to reduce any potential contamination risk. Climate conditions are taken into account, as well,
in determining the optimal timing for spraying, to avoid drifting, evaporation and leakage risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Balanced Fertilization</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Balanced fertilization consists of determining
an optimum use of fertilizers at the proper grades and in the proper amounts to supply the correct ratio of nutrients and to ensure
that the soil will sustain high crop yields over time, consequently decreasing contamination risks. At the beginning of each crop
season, we perform extensive soil studies in each of our farms to control the amount of organic matter, nitrogen, phosphorus and
potassium levels in each field. Based on this analysis and considering the potential yield for each field, the crop rotation, and
relative prices between fertilizers and agricultural products, we determine the optimum amount of fertilizer to be applied in order
to maximize the economic response of the crop.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Water management</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Since crops need sufficient water to achieve
their potential yields, we are engaged in techniques aimed to increase the efficiency of water usage and at the same time decrease
soil erosion risks. In that regard, &#147;no-till&#148; presents strong advantages since it improves rainfall infiltration and
increases the soil&#146;s water storage capacity. In areas that may be subject to excess water, we are developing terraces, soil
leveling and other techniques intended to decrease runoff and erosion risks. In some of the jurisdictions in which we operate,
the use of water for irrigation requires obtaining special permits. For certain irrigated crops such as rice, we focus on the design
and operation of rainwater harvesting, collecting water from rain in semi-natural reservoirs destined for future irrigation. Channels
to conduct the water and drain the fields are developed by experts in order to deliver water in the most efficient manner. We are
also developing the zero grade level system in some of our rice farms to increase productivity and reduce production costs. This
technique involves a precise leveling of the land based on GPS and Laser technology. When fields are accurately leveled, water
irrigation requirements are reduced, thus lowering the cost of labor and energy. Efficient management of irrigation results in
a positive impact on yields. Additionally, as the fields can be larger, there are some operational benefits that can be achieved
by reducing machinery working times. Other crops such corn seed and, sunflower seed are irrigated by highly efficient pivot spraying
systems. This type of irrigation system allows us to distribute water uniformly throughout the field, improving the use of water
in terms of total millimeters per year. We conduct soil moisture sampling to define the best moment and amount of water to be used
for irrigation in each plot.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Mechanization</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">We incorporate all available mechanization
technology into our business that is cost-effective. We believe that by employing mechanization technology we improve our operating
efficiency and are better able to reach desired economies of scale in our operations. Mechanization also enables us to adopt new
associated technologies faster and hastens our development efforts. In our farming business, we are using cutting-edge mechanized
technology for planting, spraying, harvesting and irrigating and for soil preparation and management. We also employ advanced mechanization
technology in our logistics and product processing operations, including transportation, drying operations and grain sorting and
storage. We are in the process of developing mechanization technology to benefit our other businesses, such as sugarcane planting,
which traditionally have not benefitted from such mechanization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Synergies</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The technologies we employ are very closely
linked, and the joint implementation of a number of them will result in positive synergies for our entire production system. For
example, implementation of the &#147;no-till&#148; technology can be enhanced by crop rotations, due to the positive biological
effects generated by the different types of roots from each crop in the soil. Benefits of integrated pest management are improved
when combined with the &#147;no-till&#148; and crop rotation strategies, since the crop stubble that remains on the soil can
be a barrier to some plagues, and because some other pests are specific to a particular crop and the crop rotation can be sufficient
to control them. We consider these synergies when we develop our crop seeding schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Information Technology</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We employ the World Class ERP Oracle eBusiness Suite to standardize
and integrate our processes throughout the company and improve controls and information accuracy and consolidation. The Oracle
eBusiness Suite allows us to fulfill our local accounting and fiscal needs while facilitating operational coordination across our
geographic areas and lines of business, reducing our operational costs and minimizing duplication and inefficiencies. It also provides
our management with consolidated results in a timely manner. In addition, our integrated security plan includes an offsite safeguarded
system that guarantees business continuity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Environmental Responsibility</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">We are developing a production model that
reflects a strong commitment to the environment. Our responsibility to the environment begins with complying with local regulations.
Natural resources such as land, water and biodiversity are taken into account when we evaluate both the development of a new production
project and the operation of an on-going one. In that regard, we are constantly evaluating best practices to be implemented in
our operations. See &#147;&mdash;Technology and Best Practices.&#148; In order to be better stewards of the environment, we are
in the process of developing and implementing environmental management plans for our operations. Those plans involve different
stages, which are mainly educating our own and outsourced staff, monitoring ecological parameters, preventing negative effects,
and correcting deviations. With respect to pesticide contamination risks, we are implementing a responsible pesticide use program,
which includes personnel training, personnel protection elements, application recommendations, pesticide selection criteria, pesticide
handling and storage and after-use pesticide packages management (which are specifically cleaned, collected and stored for recycling
purposes under third parties&#146; programs)<I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Additionally, in some regions where biodiversity
matters are relevant, we are implementing biodiversity management plans, which mainly consists of periodically monitoring flora
and fauna, detecting significant variations of their populations, and proposing measures to reduce any potential threats to local
species. As a result, we are implementing some practices such as prohibiting hunting on our farms in Argentina, developing environmental
private protection areas (where natural vegetation is protected by implementing sustainable production practices). As environmental
matters require specific expertise and an understanding of complex relationships, we are entering into cooperative arrangements
and agreements with educational institutions<I>. </I>We are also developing relationships with well recognized environmental non-governmental
organizations, such as The Nature Conservancy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">In Brazil, one of our main environmental
focuses is compliance with the applicable provisions of the Brazilian Forestry Code (<I>C&oacute;digo Forestal</I>)<I>.</I> Accordingly,
we analyze and identify all natural areas inside our own farms and inside leased areas, and make a development plan that defines
actions for their preservation. Some examples of these activities are the reforestation of Permanent Preservation Areas (<I>&Aacute;reas
de Preservaci&oacute;n Permanente</I>) and Legal Reserve Areas (<I>&Aacute;reas de Reserva Legal</I>), for which we are producing
seedlings of more than 70 native species to reforest those areas. We are strongly committed to the preservation of forests, and
we only develop areas for farming if they were previously used for agricultural purposes or for pasture. We do not engage in deforestation.
We concern ourselves with the protection of riverbanks and surrounding areas of streams and springs, as they are important for
soil conservation and as refuges for native fauna. In that regard, we are implementing periodic monitoring of wildlife and native
flora as well. We have a partnership with The Nature Conservancy (&#147;TNC&#148;), an international environmental non-governmental
organization, to organize the environmental preservation of areas of ecological importance by acquiring such areas to replace reserve
areas on our own land and land we lease, through a reserve compensation scheme developed by TNC and adopted by the regional environmental
authorities. This program will allow us to protect larger blocks of critical ecosystems instead of having smaller reserve areas
in each farm, while allowing us to use areas in our farms that were previously developed and would have lesser environmental value
as reserve areas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">We are also evaluating bio-gas production
from manure in our free-stall dairy operation in Argentina as another emissions reduction program. In that regard, we received
a grant from Sustainable Energy and Climate Change Initiative from Inter-American Development Bank (SECCI) in order to carry out
a pre-feasibility assessment. This project is currently under development and it plans to consider the potential of capturing methane
gas from adequately managed manure of dairy cows, which could be used to co-generate electricity. This emission reduction could
also generate extra income from carbon credits under the CDM program. At UMA, we have implemented a pilot plant that produces biogas
from vinasse, developed in partnership with Efficiencia, a subsidiary of Companhia Energ&eacute;tica de Minas Gerais (&#147;CEMIG&#148;).
The technology developed during this project will allow us to generate additional energy from vinasse while maintaining the fertilizer
recycling potential of UMA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Social Programs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Apart from complying with local labor regulations,
we seek to promote the personal and professional development of our employees by offering them an adequate working environment
with proper health and safety protections. We aim to develop a transparent relationship with local authorities. Finally, one of
our main goals is to contribute positively to the social development of the communities in which we operate, creating new jobs,
preserving the environment, providing training opportunities through our internship program and assisting with social development.
In order to implement our social development programs, we analyze the areas in which we operate and give special attention to education
and poverty rates, possible alliances with other social actors, and potential synergies with local government programs. In addition
to social development programs, we contribute to community organizations in each area where we operate, such as hospitals, schools,
daycare centers and fire stations, among others. We also have a voluntary matching program where each donation from our employees
is matched at a 2:1 ratio by Adecoagro.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Education</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Our sugarcane and rice operations have a
very important economic impact in the communities where we are located, and we have developed a Social Action Program in the various
municipalities. In 2005, we started a partnership with Cimientos in Corrientes and Santa Fe in Argentina, through which we have
awarded 17 educational programs in 84 urban and rural schools located close to our rice operations this programs benefit to 12,600
students. Cimientos is a non-profit organization that promotes equal educational opportunities for children and youth from low
income families in Argentina.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Additionally, we have partnered with Funda&ccedil;&atilde;o
Bradesco in Mato Grosso do Sul, Brazil, working with the local municipalities of Ang&eacute;lica and Ivinhema to re-train teachers
at their schools, aiming to improve the performance of public schools to a level of regional excellence. In addition, our technical
teams, such as our Sugar &amp; Ethanol Environmental Team, hold regular seminars at local schools where they promote the participation
of students in environmental related projects, such as the reforestation efforts at the Ang&eacute;lica mill site. In addition,
our employees perform educational volunteer work at several local institutions and non-governmental organizations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Nutrition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">In Argentina, we work in partnership with
Conin Foundation, which fights malnourishment in children, focusing its actions in three main aspects: education, assistance and
research. In 20132014, we donated nearly 166 tons of powdered milk and 1,5 ton of processed rice. We also work in partnership with
the Argentine Food Bank Network, to whom we are currently donating approximately 50 tons of processed rice. This network operates
in 17 cities and is a nonprofit distribution enterprise that serves the community by acquiring donated food and making it available
to people who are hungry through a network of community agencies. These agencies include school feeding programs, food pantries,
soup kitchens, hospices, substance abuse clinics, after-school programs and other nonprofit organizations. Additionally, we have
been contributing food to Solidagro, an alliance between rural corporate institutions and civic organizations that seek to solve
famine and malnutrition problems, since 2007. We are also collaborating with selected soup kitchen initiatives such as Caritas
Christophersen, San Gregorio Foundation and Mercedes City Soup Kitchen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">In Brazil, we support various local schools,
daycare centers, homes for the elderly, and APAEs (local associations supporting the seriously handicapped in the community) through
sugar donations. Due to these initiatives, UMA was certified by the ABRINQ Foundation as a Child Friendly Enterprise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Internship Program</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The purpose of our internship program is
to promote the development of highly qualified professionals for the community by providing first-time work experience, good quality
training and access to highly technology-oriented operations. We seek to facilitate interns&#146; future access to the job market
while detecting potential key employees. The interns actively participate in the TAG training program which includes monthly technical
meetings, external training and farm tours. In order to accomplish these goals we promote institutional relationships with local
and international universities and high schools. Over 280 interns have participated in our program during the last 13 years, of
which 71 were subsequently incorporated into our teams.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Material Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">For a description of the material agreements
relating to our indebtedness, please see &#147;Item 5.&mdash;Operating and Financial Review and Prospects&mdash;B. Liquidity and
Capital Resources&mdash;Indebtedness and Financial Instruments.&#148;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Argentina</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Consignment Contract with Establecimiento Las Mar&iacute;as</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Pursuant to a consignment contract dated
February 19, 2000, entered into by Establecimiento Las Marias S.A.C.I.F.A. (&#147;Las Marias&#148;) and Molinos Ala S.A. (currently
Pilag&aacute; S.A.), Las Marias has an exclusive license to sell the products or imports of Pilag&aacute; S.A. in Argentina. For
its services, Las Marias collects a commission of 9.56%, calculated over the gross amounts of the sales made by Las Marias on behalf
of Pilag&aacute; S.A., net of commercial discounts, before VAT and any other applicable tax that is applied in any invoicing. The
term of the agreement is one year as from March 1, 2000, automatically renewable for additional one-year periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Brazil</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Sugar Sale Agreement</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">On October 17, 2013, Ang&eacute;lica entered
into a Sugar Sales Agreement with Louis Dreyfus Commodities Suisse S.A where Ang&eacute;lica supplied 120,500 metric tons of Brazilian
VHP (very high polarization) during 2014/2015 harvest year. This amount of sugar was delivered from May to November 2014 in Paranagu&aacute;
port. The price was fixed in reference to the NY#11 futures contract price against specifics month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">On April 21,2014, Ang&eacute;lica entered
into a Sugar Sales Agreement with Copersucar Trading AVV (v&iacute;a Agroglobal S.A.), where Ang&eacute;lica supplied 98,000 metric
tons of Brazilian VHP (very high polarization) during 2014/2015 harvest year. This amount of sugar was delivered from May to November
2014 in Paranagu&aacute; port. The price was fixed in reference to the NY#11 futures contract price against specifics month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">On September 10,2014, Ang&eacute;lica entered
into a Sugar Sales Agreement with Bunge Agritrade S/A (v&iacute;a Agroglobal S.A.), where Ang&eacute;lica supplied 90,000 metric
tons of Brazilian VHP (very high polarization) during 2014/2015 harvest year. This amount of sugar was delivered from September
to December 2014 in Paranagu&aacute; port. The price was fixed in reference to the NY#11 futures contract price against specifics
month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Electric Energy Agreements</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">In the beginning of 2009, UMA entered into
a 10-year agreement for the sale of energy to CEMIG, under which UMA sells to CEMIG 9 MW of energy, approximately 46,215 MWh during
the harvest period (May to November of each year) at a rate of R$184.15 per megawatt hour. As this price is adjusted annually according
to inflation rate and tariff discounts, in 2014 the energy price hit R$219,85/MWh. During 2014, UMA had received R$10.1 million
under this agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Ang&eacute;lica entered into an agreement
for the sale of energy to CCEE. This agreement is a result of a public auction promoted by the Brazilian federal government in
August 2008, carries a term of 15 years, and involves Ang&eacute;lica supplying CCEE with 87,600 MWh annually during the harvest
periods each year (April to December), at a rate of R$180.26/MWh. This price is adjusted annually according to inflation, in 2014
the price was R$214,65/MWh which sets an annual fixed revenues for Ang&eacute;lica of R$17.5 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">In August 2010, Ang&eacute;lica participated
in a public auction promoted by the Brazilian federal government. As a result of this auction, Ang&eacute;lica entered into second
15-year agreement with CCEE starting in 2011, for the sale of 131,400 MWh per year at a rate of R$154.25/MWh, in 2013 the price
was of R$191,54 per megawatt hour as the price is adjusted annually. The delivery period starts in March and ends in November of
each year. In 2014 Ang&eacute;lica received R$22.7 million of this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Intellectual Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">As of December 31,
2014, our corporate group owned 23  trademarks registered with the Argentine National Intellectual Property Institute and had
8 trademarks in the process of registration. Also, Adeco Brasil and UMA owned 6 trademarks registered with the Brazilian
National Industrial Property Institute (&#147;INPI&#148;), and had submitted 10 trademark registration requests, all of which
are currently being challenged by third parties or were initially denied by INPI. In addition, Adeco Agropecuaria Brasil S.A.
had submitted one trademark registration request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">In Argentina, we are required to renew our
trademark registrations when they expire at the end of their respective terms. Under the Argentine Trade and Service Marks Law
No. 22,362, the term of duration of a registered trademark is 10 years from its issue date, and a trademark may be indefinitely
renewed for equal periods thereafter if, within the five-year period prior to each expiration, the trademark was used in the marketing
of a product, in the rendering of a service or as the designation of an activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">In Brazil, title to a trademark is acquired
only once its valid registration has been issued by the INPI. During the registration process, the person requesting the trademark
merely has an expectation of the right to use the trademark to identify its products or services. Under Law No. 9,279, of May 14,
1996 (the Brazilian Industrial Property Law), the holder of a trademark has the right to its exclusive use throughout Brazil. The
term of duration of a registered trademark is 10 years from its issue date, and a trademark may be indefinitely renewed for equal
periods thereafter. Within a five-year period from the issue date, the owner has an obligation to use the trademark in the marketing
of a product, in the rendering of a service or as the designation of an activity. If the owner does not use the trademark within
such five-year period, it may be subject to a forfeiture process, upon request of any third party with legitimate interest in the
trademark. The same forfeiture process may occur if the owner fails to use the trademark for any five-year period, continuously.
If the trademark is declared forfeited, the trademark rights are terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Insurance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The type and level of insurance coverage
we obtain is determined based on consultation with leading insurance brokers. We carry policies with leading U.S., European, and
local insurance companies, and we are currently insured against a variety of risks, including losses and damages relating to our
plants, equipment and buildings. We believe our level of insurance coverage is customary and appropriate for a company of our size
and with respect to our activities. Our insurance currently covers only part of the losses we may incur and does not cover losses
on crops due to hail storms, fires or similar risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Legal and Administrative Proceedings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">In the ordinary course of business, we are
subject to certain contingent liabilities with respect to existing or potential claims, lawsuits and other proceedings, including
those involving tax, social security, labor lawsuits and other matters. We accrue liabilities when it is probable that future costs
will be incurred and such costs can be reasonably estimated. See &#147;Item 8. Financial Information&mdash;A. Consolidated Statements
and Other Financial Information&mdash;Legal and Administrative Proceedings.&#148;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Environmental Regulations and Compliance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Our businesses in the various emerging market
countries in which we operate are subject to comprehensive national, state and municipal laws and regulations relating to the preservation
and protection of the environment to which those businesses must adhere. These laws and regulations require some of our businesses
to obtain permits or licenses that have to be renewed periodically in order to allow us to continue to operate. If such permits
or licenses lapse or are not renewed or if we fail to obtain any required environmental licenses and permits, or if we do not comply
with any other requirements or obligations established under the applicable environmental laws and regulations, we may be subject
to fines or criminal sanctions and might face partial or total suspension of our operations and suspension or cancellation of our
environmental licenses and permits. In addition, our businesses which hold debt from banks, and multilateral lenders in particular,
are typically required to adhere to environmental standards that exceed those of the country in which the business operates (<I>e.g.</I>,
World Bank standards).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">We are currently either in compliance with
or are in the process of applying for permits that would put us in compliance with all applicable environmental laws and material
environmental licenses and permits. Specifically, the operational license of UMA is currently being renewed. In December 2008 we
requested operational licenses for our Lagoa do Oeste, Helo&iacute;sa, Palmeira and Mimoso farms in Brazil, which as of December
31, 2014 are still pending. On May 25, 2010, we applied for the operational license for the Ang&eacute;lica mill to mill up to
4 million tons of sugarcane per year, and the license was granted by IMASUL on November 11, 2010. On November 26, 2010, we obtained
a preliminary license (licen&ccedil;a pr&eacute;via) for the Ivinhema mill, and on June 27, 2011, we obtained the installation
license (licen&ccedil;a de instala&ccedil;&atilde;o) from IMASUL for the commencement of the construction and assembly of the first
and second phase of the Invinhema mill, for a nominal crushing capacity of up to 3.6 million tons of sugarcane.&nbsp;&nbsp;On March
23, 2012, we obtained the installation license (licen&ccedil;a de instala&ccedil;&atilde;o) from IMASUL authorizing us to increase
the nominal crushing capacity of Ivinhema to up to 4.1 million tons of sugarcane per year</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Our operating businesses have the required
environmental monitoring, equipment and procedures, and we utilize third-party contractors to conduct regular environmental audits.
Our environmental expenses relate to consultants we use to perform environmental impact studies for our development projects and
control and monitoring procedures. However, as environmental regulations are expected to become more stringent in some of the countries
where we operate, our environmental compliance costs are likely to increase due to the cost of compliance with any future environmental
regulations. While we are not aware of any material environmental liabilities related to our ongoing operations, we may be subject
to cleanup costs, which we do not expect to be material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Regulation and Control of Agri-Food Production in Argentina</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The National Office of Agricultural Commerce
Control (Oficina Nacional de Control Comercial Agropecuario, or &#147;ONCCA&#148;) created on November 27, 1996, as a decentralized
entity of the Ministry of Agriculture was the agency responsible for controlling the commercialization and manufacturing of agricultural
livestock, meat and dairy products in Argentina.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">As of February 25th, 2011 the ONCCA was dissolved
pursuant to Decree No. 192/2011. The faculties previously held by the ONCCA have been transferred to the Ministry of Agriculture
and to a new entity incorporated (Unidad de Coordinacion y Evaluacion de Subsidios al Consumo Interno) by means of Decree No. 193/2011,
intended exclusively for the protection and promotion of activities and granting subsidies. As a result, the Ministry of Agriculture
is the enforcement authority of the decrees issued by the ONCCA and is in charge of monitoring the agricultural compliance with
the commercialization regulations. Furthermore, the new entity integrated by Ministers and officials from the Ministry of Economy,
Ministry Agriculture and Industry and the AFIP will be responsible for the administration, allocation and payment of subsidies
to wheat, corn and soybean, and will be in charge of the registry for the export of cattle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Under applicable regulations, all persons
involved in the commercialization and manufacturing of grains and dairy products must be registered with the RUO, which provides
for registration of any individual or company involved in the trade and industrialization of agri-food products in the markets
for grains, livestock and dairy products and their by-products and/or derivatives. This registration must be renewed each year.
Grain producers must stock grains at facilities and must keep a record of the grain stock stored at such facilities. Failure to
register with the RUO, or cancellation of such registration, will lead to requirements that the operator cease its operating activities
and closure its facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">On April 1, 2014 the AFIP issued Resolution
No. 3,593/14 which established a &#147;Systematic Regristration of Movements and Grains Stocks Regime&#148; (&#147;R&eacute;gimen
de Registraci&oacute;n Sistem&aacute;tica de Movimientos y Existencias de Granos&#148;) by which all persons involved in the commercialization
and manufacturing of grains and dairy products registered with the RUO must report the stock and stock variations (including locations,
transport between the producer&acute;s facilities, etc.) of all grains other agricultural products (other than those to be applied
to sowing) held in their own or other third party&acute;s name.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">In the event of a violation of any of the
applicable regulations, sanctions may be imposed, including fines and suspension or cancellation of the registration, which would
result in the immediate cessation of activities and closure of facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</td>
    <TD STYLE="width: 5%; font-size: 10pt"><font style="font-size: 10pt"><b>C.</b></font></td>
    <TD STYLE="font-size: 10pt; width: 85%"><a name="a014v2"></a><font style="font-size: 10pt"><b>ORGANIZATIONAL STRUCTURE</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Corporate Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">As of April 2, 2015, we held approximately
100% of the interests in Adecoagro LP S.C.S., a <I>societe en commandite simple</I> organized under Luxemburg law with a de minimis
remaining interest owned by Adecoagro GP S.a.r.l, a societe responsibilitie limitee organized under Luxemburg law and our substantially
wholly-owned subsidiary. Adecoagro LP S.C.S., is a holding company with operating subsidiaries owning farmland and facilities throughout
Argentina, Brazil and Uruguay. We are a corporation organized under the laws of the Grand Duchy of Luxembourg under the form of
a <I>soci&eacute;t&eacute; anonyme</I>. For a diagram of our Organizational structure as of April 2, 2015, please see &#147;Item
4. Information on the Company &ndash; A. History and Development of the Company &ndash; History.&#148;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">As of December 31, 2014, our principal shareholders
were Quantum Partners LP (Soros Fund Management LLC serves as principal investment adviser to Quantum Partners LP), Al Gharrafa
Investment Company, and Stichting Pensioenfonds Zorg en Welzijn. See &#147;Item 7. Major Shareholders and Related Party Transactions&mdash;A.
Major Shareholders.&#148;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</td>
    <TD STYLE="width: 5%"><font style="font-size: 10pt"><b>D.</b></font></td>
    <TD STYLE="width: 85%"><a name="a015v2"></a><font style="font-size: 10pt"><b>PROPERTY, PLANTS AND EQUIPMENT</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">See &#147;&mdash;B. Business Overview&mdash;Land
Transformation&mdash;Our Farms&#148;; &#147;&mdash;Property, Plant and Equipment.&#148;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</td>
    <TD STYLE="width: 10%"><font style="font-size: 10pt"><b>Item 4B.&nbsp;</b></font></td>
    <TD STYLE="width: 80%"><font style="font-size: 10pt"></font><a name="a016v2"></a><font style="font-size: 10pt"><b>Unresolved Staff Comments</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 10%"><font style="font-size: 10pt"><b>Item 5.</b></font></td>
    <TD STYLE="width: 90%"><a name="a017v2"></a><font style="font-size: 10pt"><b>Operating and Financial Review and Prospects</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">We are engaged in agricultural, manufacturing
and land transformation activities. Our agricultural activities consist of harvesting certain agricultural products, including
crops (soybeans, corn, wheat, etc.), rough rice, and sugarcane, for sale to third parties and for internal use as inputs in our
various manufacturing processes, and producing raw milk. Our manufacturing activities consist of (i) selling manufactured products,
including processed rice, sugar, ethanol and energy, among others, and (ii) providing services, such as grain warehousing and conditioning
and handling and drying services, among others. Our land transformation activities consist of the acquisition of farmlands or businesses
with underdeveloped or underutilized agricultural land and implementing production technology and agricultural best practices to
enhance yields and increase the value of the land. Please see also &#147;Risk Factors-Risks Related to Argentina- Argentine law
concerning foreign ownership of rural properties may adversely affect our results of operations and future investments in rural
properties in Argentina&#148; and &#147;Risk Factors-Risks Related to Brazil- Recent changes in Brazilian rules concerning foreign
investment in rural properties may adversely affect our investments.&#148;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">We are organized into three main lines of
business: farming; land transformation; and sugar, ethanol and energy. These lines of business consist of six reportable operating
segments, which are evaluated by the chief operating decision-maker based upon their economic characteristics, the nature of the
products they offer, their production processes and their type and class of customers and distribution methods. Our farming business
is comprised of four reportable operating segments: Crops, Rice, Dairy, and All Other Segments. Each of our Sugar, Ethanol and
Energy and Land Transformation lines of business is also a reportable operating segment. Please see &ndash; Operating Segments&#148;
for a discussion of our six operating reportable segments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">There are significant economic differences
between our agricultural and manufacturing activities. Some of our agricultural activities generally do not involve further manufacturing
processes, including those within the crops, dairy and All Other Segments. Our other agricultural activities in the rice and sugar,
ethanol and energy segments generally involve further manufacturing processes, comprising our manufacturing activities. The table
below sets forth our agricultural and manufacturing activities by segment.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Segment&nbsp;</B></FONT></P></td>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Agricultural
        Product&nbsp;</B></FONT></P></td>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 38%; border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><FONT STYLE="font-size: 8pt"><B>Manufactured
        Product &amp; Services Rendered</B></FONT></P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-indent: 0pt"><font style="font-size: 10pt">Crops</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Soybean Corn Wheat Sunflower Cotton</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Grain drying &amp; conditioning</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-indent: 0pt"><font style="font-size: 10pt">Rice</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Rough rice</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">White rice &amp; brown rice</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-indent: 0pt"><font style="font-size: 10pt">Dairy</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Raw milk</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Processed milk, and dairy products</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-indent: 0pt"><font style="font-size: 10pt">Sugar, Ethanol and Energy</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Sugarcane</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Sugar, Ethanol and Energy</font></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</table>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">We structure the revenue and cost section
of our statement of income to separate our &#147;Gross Profit from Manufacturing Activities&#148; from our &#147;Gross Profit
from Agricultural Activities&#148; as further described below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Manufacturing Activities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The gross profit of our manufacturing activities
is a function of our sales of manufactured products and services rendered and the related costs of manufacturing those products
or delivering those services. We recognize an amount of revenue representing the actual dollar amount collected or to be collected
from our customers. Our principal costs consist of raw materials, labor and social security expenses, maintenance and repairs,
depreciation, lubricants and other fuels, among others. We obtain our raw materials principally from our own agricultural activities
and, to a lesser extent, from third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Agricultural Activities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Our agricultural activities involve the management
of the biological transformation of biological assets into agricultural produce for sale to third parties, or into agricultural
products that we use in our manufacturing activities. We measure our biological assets and agricultural produce in accordance with
lAS 41 &#147;Agriculture.&#148; lAS 41 requires biological assets to be measured on initial recognition and at each balance sheet
date at their fair value less cost to sell, with changes in fair value recognized in the statement of income as they occur. As
market prices are generally not available for biological assets while they are growing, we use the present value of expected net
cash flows as a valuation technique to determine fair value, as further discussed below in &#147;-Critical Accounting Policies
and Estimates.&#148; ln addition, agricultural produce at the point of harvest is measured at fair value less cost to sell, which
is generally determined by reference to the quoted market price in the relevant market. Consequently, the gains and losses arising
on initial recognition and changes in fair value of our biological assets and the initial recognition of our agricultural produce
at the point of harvest are accounted for in the statement of income in the line item &#147;lnitial recognition and changes in
fair value of biological assets and agricultural produce.&#148;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">After agricultural produce is harvested,
we may hold it in inventory at net realizable value up to the point of sale, which includes market selling price less direct selling
expenses, with changes in net realizable value recognized in the statement of income when they occur. When we sell our inventory,
we sell at the prevailing market price and we incur direct selling expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">We generally recognize the agricultural produce
held in inventory at net realizable value with changes recognized in the statement of income as they occur. Therefore, changes
in net realizable value represent the difference in value from the last measurement through the date of sale on an aggregated basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">We consider gains and losses recorded in
the line items of the statement of income &#147;lnitial recognition and changes in fair value of biological assets and agricultural
produce&#148; and &#147;Changes in net realizable value of agricultural produce after harvest&#148; to be realized only when
the related produce or manufactured product is sold to third parties and, therefore, converted into cash or other financial assets.
Therefore, &#147;realized&#148; gains or losses mean that the related produce or product has been sold and the proceeds are included
in revenues for the year. Please see &#147; &ndash;Critical Accounting Policies and Estimates &ndash; Biological Assets and Agricultural
Produce&#148; for a discussion of the accounting treatment, financial statement, presentation and disclosure related to our agricultural
activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Land Transformation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The Land Transformation segment includes
two types of operations. The first relates to the acquisition of farmlands or businesses with underdeveloped or underutilized agricultural
land (land which we have identified as capable of being transformed into more productive farmland by enhancing yields and increasing
its future value). When we acquire a farmland business for an acquisition price below its estimated fair value, we recognize an
immediate gain (a &#147;purchase bargain gain&#148;). The land acquired is recognized at its fair value at the acquisition date
and is subsequently carried at cost under the cost model in IAS 16.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The second type of operation undertaken within
this segment relates to the realization of value through the strategic disposition of assets (i.e. farmland) that may have reached
full development potential. Once we believe certain land has reached full growth potential, we may decide to realize such incremental
value through the disposition of the land.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The results of these two activities (purchase
bargain gains as a result of opportunistic acquisitions of businesses with underdeveloped or underutilized land below fair market
value, and gains on dispositions reflecting the ultimate realization of cash value on dispositions of transformed farmlands) are
included separately in the Land Transformation segment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Land transformation activities themselves
are not reflected in this segment; rather, they are reflected in all of our other agricultural activities in other segments. The
results of our land transformation strategy are realized as a separate activity upon disposition of transformed farmlands and other
rural properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</td>
    <TD STYLE="width: 5%"><font style="font-size: 10pt"><b>A.</b></font></td>
    <TD STYLE="width: 85%"><font style="font-size: 10pt"><b>O</b></font><a name="a018v2"></a><font style="font-size: 10pt"><b>PERATING RESULTS</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Trends and Factors Affecting Our Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">Our results of operations have been influenced
and will continue to be influenced by the following factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt">(i) Effects of Yield Fluctuations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt; text-align: justify">The occurrence of severe adverse weather
conditions, especially droughts, hail, floods or frost, are unpredictable and may have a potentially devastating impact on agricultural
production and may otherwise adversely affect the supply and prices of the agricultural commodities that we sell and use in our
business. The effects of severe adverse weather conditions may also reduce yields at our farms. Yields may also be affected by
plague, disease or weed infection or operational problems. For example, the slight decrease in rice yield of 1.7%, from 5.7 tons
per hectare to 5.6 tons per hectare, was due to the by abundant rainfalls during the harvest period in most of our farms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt">The following table sets forth our average
crop, rice and sugarcane yields for the periods indicated:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 96%">
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 38%">&nbsp;</td>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="2" style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td nowrap style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="2" style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td nowrap style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="2" style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td nowrap style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>% Change</B></FONT></td>
    <td nowrap style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="2" style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td nowrap><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="2" style="border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>2013/2014</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Harvest&nbsp;</B><br>
        <B>Year (1)</B></FONT></P></td>
    <td nowrap style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp; <B>2012/2013</B><br>
    <B>Harvest&nbsp;</B><br>
    <B>Year (1)</B></FONT></td>
    <td nowrap style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="2" style="border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>2011/2012</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Harvest&nbsp;</B><br>
        <B>Year (1)</B></FONT></P></td>
    <td nowrap style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>2013/2014 -</B><br>
    <B>2012/2013</B></FONT></td>
    <td nowrap style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>2012/2013 -</B><br>
    <B>2011/2012</B></FONT></td>
    <td nowrap><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Corn (2)</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">6.2</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">5.3</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">5.0</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">17.4</font></td>
    <td nowrap><font style="font-size: 10pt">%</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">5.8</font></td>
    <td nowrap><font style="font-size: 10pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Soybean</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">2.9</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">2.2</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">2.5</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">32.0</font></td>
    <td nowrap><font style="font-size: 10pt">%</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(11.1</font></td>
    <td nowrap><font style="font-size: 10pt">%)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Soybean (second harvest)</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">1.9</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">1.3</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">1.5</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">51.8</font></td>
    <td nowrap><font style="font-size: 10pt">%</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(15.1</font></td>
    <td nowrap><font style="font-size: 10pt">%)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Cotton lint</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">1.0</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">0.8</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">1.0</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">22.8</font></td>
    <td nowrap><font style="font-size: 10pt">%</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(23.6</font></td>
    <td nowrap><font style="font-size: 10pt">%)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Wheat (3)</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">2.6</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">1.8</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">2.6</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">43.2</font></td>
    <td nowrap><font style="font-size: 10pt">%</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(30.0</font></td>
    <td nowrap><font style="font-size: 10pt">%)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Rice</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">5.6</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">5.7</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">5.4</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(1.7</font></td>
    <td nowrap><font style="font-size: 10pt">%)</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">5.8</font></td>
    <td nowrap><font style="font-size: 10pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Sugarcane (4)</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">80.8</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">71.8</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">75.2</font></td>
    <td nowrap>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">12.5</font></td>
    <td nowrap><font style="font-size: 10pt">%</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(4.5</font></td>
    <td nowrap><font style="font-size: 10pt">%)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">(1) &nbsp;The table above reflects
the full harvest season.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">(2) &nbsp;Includes sorghum</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">(3) &nbsp;Includes barley</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">(4) &nbsp;Does not consider harvested
area for planting activities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt">(ii) Effects of Fluctuations in Production
Costs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">We experience fluctuations in our production
costs due to the fluctuation in the costs of (i) fertilizers, (ii) agrochemicals, (iii) seeds, (iv) fuel and (v) farm leases. The
use of advanced technology, however, allows us to increase our efficiency, in large part mitigating the fluctuations in production
costs. Some examples of how the implementation of production technology has allowed us to increase our efficiency and reduce our
costs include the use of no-till technology (also known as &#147;direct sowing&#148;, which involves farming without the use
of tillage, leaving plant residues on the soil to form a protective cover which positively impacts costs, yields and the soil),
crop rotation, multiple harvest in one year, integrated pest management, and balanced fertilization techniques to increase the
productive efficiency in our farmland. Increased mechanization of harvesting and planting operations at our sugarcane plantations
and utilization of modern, high pressure boilers in our sugar and ethanol mills has also yielded higher rates of energy production
per ton of sugarcane.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt">(iii) Effects of Fluctuations in Commodities
Prices</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Commodity prices have historically experienced
substantial fluctuations. For example, based on Chicago Board of Trade (&#147;CBOT&#148;) data, from January 1, 2014 to December
31, 2014, soybean prices decreased 20.2% and corn prices decreased by 7.7%. According to Escola Superior de Agricultura &#147;Luiz
de Queiroz&#148; (&#147;ESALQ&#148;), between January 1, 2014 and December 31, 2014 ethanol prices increased by 0.3%. According
to Intercontinental Exchange of New York (&#147;ICE-NY&#148;) data,&nbsp;&nbsp;sugar prices decreased by 9.9%. Commodity price
fluctuations impact our statement of income as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="width: 96%"><font style="font-size: 10pt">Initial recognition and changes in the fair value of biological assets and agricultural produce in respect of not harvested biological assets undergoing biological transformation;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="width: 96%"><font style="font-size: 10pt">Changes in net realizable value of agricultural produce for inventory carried at its net realizable value; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="width: 96%"><font style="font-size: 10pt">Sales of manufactured products and sales of agricultural produce and biological assets sold to third parties.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">The following graphs show the spot market
price of some of our products for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: white">
    <td style="width: 50%; text-decoration: underline; text-align: center"><font style="font-size: 10pt"><u>Soybean in U.S. cents per bushel (CBOT)</u></font></td>
    <td style="vertical-align: bottom; width: 50%; text-decoration: underline; text-align: center"><font style="font-size: 10pt"><u>Corn in U.S. cents per bushel (CBOT)</u></font></td></tr>
<tr style="background-color: white">
    <td>&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="background-color: white">
    <TD STYLE="text-align: center"><IMG SRC="img004_v2.jpg" ALT="GRAPHIC">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><IMG SRC="img005_v2.jpg" ALT="GRAPHIC">&nbsp;</TD></TR>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: white">
    <td style="width: 50%; text-decoration: underline; text-align: center"><font style="font-size: 10pt"><u>Sugar in U.S. cents per pound (ICE-NY)</u></font></td>
    <td style="width: 50%; text-decoration: underline; text-align: center"><font style="font-size: 10pt"><u>Ethanol in Reais per cubic meter (ESALQ)</u></font></td></tr>
<tr style="background-color: white">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="background-color: white">
    <TD STYLE="text-align: center"><IMG SRC="img006_v2.jpg" ALT="GRAPHIC">&nbsp;</TD>
    <TD STYLE="text-align: center"><IMG SRC="img007_v2.jpg" ALT="GRAPHIC">&nbsp;</TD></TR>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt">(iv) Fiscal Year and Harvest Year</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Our fiscal year begins on January 1 and ends
on December 31 of each year. However, our production is based on the harvest year for each of our crops and rice. A harvest year
varies according to the crop or rice plant and to the climate in which it is grown. Due to the geographic diversity of our farms,
the planting period for a given crop or rice may start earlier on one farm than on another, causing differences for their respective
harvesting periods. The presentation of production volume (tons) and production area (hectares) in this annual report in respect
of the harvest years for each of our crops and rice starts with the first day of the planting period at the first farm to start
planting in that harvest year to the last day of the harvesting period of the crop or rice planting on the last farm to finish
harvesting that harvest year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: left">On the other hand, production volumes for
dairy and production volume and production area for sugar, ethanol and energy business are presented on a fiscal year basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The financial results in respect of all of
our products are presented on a fiscal year basis. See - &#147;Year ended December 31, 2014 as compared to year ended December
31, 2013&#148;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt">(v) Effects of Fluctuations of the Production
Area</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Our results of operations also depend on
the size of the production area. The size of the area we own or lease devoted to crop, rice, coffee and sugarcane production fluctuates
from period to period in connection with the purchase and development of new farmland, the sale of developed farmland, the lease
of new farmland and the termination of existing farmland lease agreements. Lease agreements are usually executed following the
harvest season, from July to June in crops and rice, and from May to April in sugarcane. The length of the lease agreements are
usually one year for crops, one to five years for rice and five to six years for sugarcane. Regarding crops, the production area
can be planted and harvested one or two times per year. For example, wheat can be planted in July and harvested in December. Right
after its harvest, soybean can be planted in the same area and harvested in April. As a result, planted and harvested area can
exceed the production area during one year. The production area for sugarcane can exceed the harvested area in one year. Grown
sugarcane can be left in the fields and then harvested the following year. The following table sets forth the fluctuations in the
production area for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%">
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 0.9pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 0.9pt">&nbsp;</td>
    <td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Period ended December
    31,</B></FONT></td>
    <TD NOWRAP STYLE="padding-bottom: 0.9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 0.9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="padding-bottom: 0.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>2014</B></FONT></td>
    <TD NOWRAP STYLE="padding-bottom: 0.9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="padding-bottom: 0.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>2013</B></FONT></td>
    <TD NOWRAP STYLE="padding-bottom: 0.9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="padding-bottom: 0.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>2012</B></FONT></td>
    <TD NOWRAP STYLE="padding-bottom: 0.9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="10" style="text-align: center"><FONT STYLE="font-size: 8pt"><B>Hectares</B></FONT></td>
    <TD NOWRAP>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 35%"><font style="font-size: 10pt">Crops (1)</font></td>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 12%; text-align: right"><font style="font-size: 10pt">149,179</font></td>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 12%; text-align: right"><font style="font-size: 10pt">152,777</font></td>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 12%; text-align: right"><font style="font-size: 10pt">151,132</font></td>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD><font style="font-size: 10pt">Rice</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right"><font style="font-size: 10pt">35,328</font></td>
    <TD NOWRAP>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right"><font style="font-size: 10pt">36,604</font></td>
    <TD NOWRAP>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right"><font style="font-size: 10pt">31,497</font></td>
    <TD NOWRAP>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <TD><font style="font-size: 10pt">Coffee (2)</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right"><font style="font-size: 10pt">-</font></td>
    <TD NOWRAP>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right"><font style="font-size: 10pt">-</font></td>
    <TD NOWRAP>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right"><font style="font-size: 10pt">1,632</font></td>
    <TD NOWRAP>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD><font style="font-size: 10pt">Sugar, Ethanol and Energy</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right"><font style="font-size: 10pt">124.412</font></td>
    <TD NOWRAP>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right"><font style="font-size: 10pt">99,409</font></td>
    <TD NOWRAP>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right"><font style="font-size: 10pt">85,531</font></td>
    <TD NOWRAP>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">(1) Does not include second crop
and forage area.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt">(2) &#147;The &#147;Lagoa de
Oeste&#148; and &#147;Mimoso&#148; coffee farms were sold in the second quarter of 2013. In addition, we leased the coffee
production rights in respect of the &#147;Rio de Janeiro&#148; farm for an 8-year term in the second quarter of 2013. We do
not expect the coffee business to generate sales in future periods&#148;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">&nbsp;The increase in crop production area
in 2014 compared to 2013 was mainly driven by the transformation of undeveloped/undermanaged owned land that was put into production.
The increase in sugar, ethanol and energy production area in 2013 is explained by an increase in leased hectares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt">(vi) Effect of Acquisitions and Dispositions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The comparability of our results of operations
is also affected by the completion of significant acquisitions and dispositions. Our results of operations for earlier periods
that do not include a recently completed acquisition or do include farming operations subsequently disposed of may not be comparable
to the results of a more recent period that reflects the results of such acquisition or disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt">(vii) Macroeconomic Developments in Emerging
Markets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">We generate nearly all of our revenue from
the production of food and renewable energy in emerging markets. Therefore, our operating results and financial condition are directly
impacted by macroeconomic and fiscal developments, including fluctuations in currency exchange rates, inflation and interest rate
fluctuations, in those markets. The emerging markets where we conduct our business (including Argentina, Brazil and Uruguay) remain
subject to such fluctuations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt">(viii) Effects of Export Taxes on Our Products</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Following the economic and financial crisis
experienced by Argentina in 2002, the Argentine government increased export taxes on agricultural products, mainly on soybean and
its derivatives, wheat, rice and corn. Soybean is subject to an export tax of 35.0%, wheat is subject to an export tax of 23.0%,
rough rice is subject to an export tax of 10.0%, processed rice is subject to an export tax of 5.0%, corn is subject to an export
tax of 20.0% and sunflower is subject to an export tax of 32.0%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">As local prices are determined taking into
consideration the export parity reference, any increase in export taxes would affect our financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt">(ix) Effects of Foreign Currency Fluctuations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Each of our Argentine, Brazilian and Uruguayan
subsidiaries uses local currency as its functional currency. A significant portion of our operating costs in Argentina are denominated
in Argentine Pesos and most of our operating costs in Brazil are denominated in Brazilian Reais. For each of our subsidiaries&#146;
statements of income, foreign currency transactions are translated into the local currency, as such subsidiaries&#146; functional
currency, using the exchange rates prevailing as of the dates of the relevant specific transactions. Exchange differences resulting
from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognized in the statement of income under &#147;finance income&#148; or &#147;finance
costs,&#148; as applicable. Our Consolidated Financial Statements are presented in U.S. dollars, and foreign exchange differences
that arise in the translation process are disclosed in the consolidated statement of comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">As of December 31, 2014, the Peso-U.S. dollar
exchange rate was Ps.8.55 per U.S. dollar as compared to Ps.6.52 and Ps.4.92 per U.S. dollar as of December 31, 2013 and 2012,
respectively. As of December 31, 2014, the Real-U.S. dollar exchange rate was R$2.66 per U.S. dollar as compared to R$2.34 and
R$2.04 per U.S. dollar as of December 31, 2013 and 2012, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The Company is exposed to currency risks
in Argentina, where currently there is an exchange control regime (see Item&nbsp;3 &ndash; Risks Factors &#147;- Risks Related
to Argentina-Exchange controls could restrict the inflow and outflow of funds in Argentina&#148;). In Argentina there is an official
exchange rate set by the Argentine Government and a parallel US dollar market exchange rate. The Company uses the official Argentine
Peso-US Dollar exchange rate as the reference exchange rate for all re-measurement purposes, which is consistent with the economic
reality that foreign currency transactions entered into or paid out of Argentina are required to be converted at the official exchange
rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">During January 2014, the Argentine peso experienced
a 22% devaluation, from a 6.52 ARS/USD to 8.02 ARS/USD. This devaluation is not expected to have a significant impact on the Company&#146;s
sales because a substantial portion of our agricultural production is destined to the export market and as a result a significant
portion of the Company&#146;s sales generated in Argentina are denominated in U.S. dollars. However, the devaluation is expected
to result in an improvement in our operating costs, with the exception of fertilizers, agrochemicals and seeds, as our production
costs are primarily denominated in Argentine pesos. Accordingly, the net effect of the devaluation of the Argentine peso is expected
to be positive on our margins.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">The following graph shows the Argentine Peso-U.S.
dollar and the Real-U.S. dollar rates of exchange for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 50%; text-decoration: underline; text-align: center; text-indent: 25pt"><font style="font-size: 10pt"><u>Argentine Peso/U.S. Dollar</u></font></td>
    <td style="width: 50%; text-decoration: underline; text-align: center"><font style="font-size: 10pt"><u>Brazilian Reais/U.S. Dollar</u></font></td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;<IMG SRC="img008_v2.jpg" ALT="GRAPHIC"></TD>
    <TD STYLE="text-align: center"><IMG SRC="img009_v2.jpg" ALT="GRAPHIC">&nbsp;</TD></TR>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Our principal foreign currency fluctuation
risk involves changes in the value of the Brazilian Reais relative to the U.S. dollar. Periodically, we evaluate our exposure and
consider opportunities to mitigate the effects of currency fluctuations by entering into currency forward contracts and other hedging
instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt">(x) Seasonality</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Our business activities are inherently seasonal.
We generally harvest and sell corn, soybean, rice and sunflower between February and August, and wheat from December to January.
Cotton is unique in that while it is typically harvested from May to July, it requires a conditioning process that takes about
two to three months before being ready to be sold. Sales in other business segments, such as in our Dairy segment, tend to be more
stable. However, milk sales are generally higher during the fourth quarter, when weather conditions are more favorable for production.
The sugarcane harvesting period typically begins between April and May and ends between November and December. As a result of the
above factors, there may be significant variations in our results of operations from one quarter to another, since planting activities
may be more concentrated in one quarter whereas harvesting activities may be more concentrated in another quarter. In addition
our quarterly results may vary as a result of the effects of fluctuations in commodity prices and production yields and costs related
to the &#147;Initial recognition and changes in fair value of biological assets and agricultural produce&#148; line item. See
&#147;&mdash;Critical Accounting Policies and Estimates&mdash;Biological Assets and Agricultural Produce&#148;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt">(xi) Land Transformation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Our business model includes the transformation
of pasture and unproductive land into land suitable for growing various crops and the transformation of inefficient farms into
farms suitable for more efficient uses through the implementation of advanced and sustainable agricultural practices, such as &#147;no-till&#148;
technology and crop rotation. During approximately the first three to five years of the land transformation process of any given
parcel, we generally invest heavily in transforming the land and crop yields during this period tend to be lower than crop yields
obtained after land is completely transformed. After the transformation process has been completed, the land requires less investment,
and crop yields gradually increase. As a result, there may be variations in our results from one season to the next according to
the amount of land in the process of transformation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Our business model also includes the identification,
acquisition, development and selective disposition of farmlands or other rural properties that after implementing agricultural
best practices and increasing crop yields we believe have the potential to appreciate in terms of their market value. As a part
of this strategy, we purchase and sell farms and other rural properties from time to time. Please see also &#147;Item 3 - Risk
Factors-Risks Related to Argentina-Argentine law concerning foreign ownership of rural properties may adversely affect our results
of operations and future investments in rural properties in Argentina&#148; and &#147;Item 3 - Risk Factors-Risks Related to
Brazil- Recent changes in Brazilian rules concerning foreign investment in rural properties may adversely affect our investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The results included in the Land Transformation
segment are related to the acquisition and disposition of farmland businesses and not to the physical transformation of the land.
The decision to acquire and/or dispose of a farmland business depends on several market factors that vary from period to period,
rendering the results of these activities in one financial period when an acquisition of disposition occurs not directly comparable
to the results in other financial periods when no acquisitions or dispositions occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt">(xii) Capital Expenditures and Other Investments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Our capital expenditures during the last
three years consisted mainly of expenses related to (i) acquiring land, (ii) transforming and increasing the productivity of our
land, (iii) planting non-current sugarcane and (iv) expanding and upgrading our production facilities. Our capital expenditures
incurred in connection with such activities were $165.3 million for the year ended December 31, 2011, $301.4 million for the year
ended December 2012, $226.6 million for the year ended December 2013 and $320.8 million for the year ended December 2014. See also
&#147;-Capital Expenditure Commitments.&#148;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt">(xiii) Effects of Corporate Taxes on Our
Income</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">We are subject to a variety of taxes on our
results of operations. The following table shows the income tax rates in effect for 2014 in each of the countries in which we operate:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0.9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="padding-bottom: 0.9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Tax Rate (%)</B></FONT></td>
    <TD NOWRAP STYLE="padding-bottom: 0.9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 86%; text-indent: 0pt"><font style="font-size: 10pt">Argentina</font></td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 12%; text-align: center"><font style="font-size: 10pt">35</font></td>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="text-indent: 0pt"><font style="font-size: 10pt">Brazil(1)</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">34</font></td>
    <TD NOWRAP>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-indent: 0pt"><font style="font-size: 10pt">Uruguay</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">25</font></td>
    <TD NOWRAP>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

















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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 8pt">(1)</FONT></td>
    <TD STYLE="width: 96%"><FONT STYLE="font-size: 8pt">Including the Social Contribution on Net Profit (CSLL)</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Critical Accounting Policies and Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">We prepare our Consolidated Financial Statements
in accordance with IFRS . The critical accounting policies are policies important to the portrayal of a company&#146;s financial
condition and operating results, and which require management to make difficult and subjective judgments that are inherently uncertain.
Based on this definition, we have identified the following significant accounting policies as critical to the understanding of
our Consolidated Financial Statements. The preparation of our Consolidated Financial Statements requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of expenses during the reporting periods. The principal area where
our management is required to make significant judgments about estimates where actual results could differ materially from such
estimates is in the carrying amount of our biological assets. These estimates and judgments are subject to an inherent degree of
uncertainty. We believe that the estimates and judgments upon which we rely are reasonable based upon information available to
us at the time that these estimates and judgments are made. We continually evaluate our judgments, estimates and assumptions. To
the extent there are material differences between these estimates and actual results, our Consolidated Financial Statements will
be affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">We believe the following to be our more significant
critical accounting policies and estimates used in the preparation of the Consolidated Financial Statements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt"><B><I>Biological Assets and Agricultural
Produce</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Before harvest, our crops are biological
assets. Subsequent to harvest, biological transformation ceases and the harvested crops meet the definition of agricultural produce
under IAS 41 &#147;Biological Assets.&#148; As prescribed by IAS 41, we measure growing crops which have not attained significant
biological growth at cost less any impairment losses, which approximates fair value. Capitalized expenses for growing crops include
land preparation expenses and other direct production expenses incurred during the sowing period including costs of labor, fuel,
seeds, agrochemical and fertilizer, among others. We measure biological assets (at initial recognition, when the biological asset
has attained significant biological growth, and at each subsequent measurement reporting date) and agricultural produce at the
point of harvest at fair value less selling costs. The objective of the fair value model under IAS 41 is to recognize gains and
losses arising from such measurements gradually over the asset&#146;s life rather than only on sale or realization. IAS 41 prescribes,
among other things, the accounting treatment for biological assets during the period of growth, degeneration, production and procreation,
and for the initial measurement of agricultural produce at the point of harvest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">We account for agricultural produce after
harvest as inventory, as further described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">The following table sets forth the way in
which we value biological assets and agricultural produce for each of our principal products:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="padding-bottom: 0.9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="padding-bottom: 0.9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Biological Asset</B></FONT></td>
    <td style="padding-bottom: 0.9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="padding-bottom: 0.9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="padding-bottom: 0.9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="padding-bottom: 0.9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr>
    <td style="vertical-align: top; width: 18%; padding-bottom: 0.9pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 0.9pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; width: 24%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>No
    significant</B><br>
    <B>biological growth</B></FONT></td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 0.9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; width: 18%; border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Significant</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>biological
        growth</B></FONT></P></td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 0.9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; width: 18%; border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Agricultural
        Produce&nbsp;</B></FONT></P></td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 0.9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; width: 18%; border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Manufactured
        Product&nbsp;</B></FONT></P></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-indent: 0pt"><font style="font-size: 10pt">Crops</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Crop from planting through approximately 60 days</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Crop, approximately 60 days after planting up to the moment of harvest (total period of approximately 3 to 5 months).</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Harvested crop (soybean, corn, wheat, etc.)</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">N/A</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-indent: 0pt"><font style="font-size: 10pt">Rice</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Rice plant from planting through approximately 60 days</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Rice plant, approximately 60 days after planting up to the moment of harvest (total period of approximately 3 to 4 months).</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Harvested rough rice</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Processed Rice</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-indent: 0pt"><font style="font-size: 10pt">Dairy</font></td>
    <td>&nbsp;</td>
    <td colspan="3"><font style="font-size: 10pt">Dairy cow is considered a biological asset from birth/purchase to death or sale.</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Raw milk</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">N/A</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-indent: 0pt;padding-left:9pt;text-indent:-9pt"><font style="font-size: 10pt">Sugar, ethanol and energy</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Sugarcane from planting through approximately 30 days</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Sugarcane, approximately 30 days after planting until exhausted in 5-6 harvests (total period of approximately 5.5 years).</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Sugarcane</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Sugar, ethanol and energy</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-indent: 0pt"><font style="font-size: 10pt">Valuation Criteria</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Cost, which approximates fair value less accumulated impairment losses, if any. For dairy and cattle, fair value less estimated cost to sell.</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Fair value (using discounted cash flow valuation) less cost to sell.</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Net realizable value, except for rough rice and milk which are valued at cost.</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Cost</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Gains and losses that arise from measuring
biological assets at fair value less selling costs and measuring agricultural produce at the point of harvest at fair value less
selling costs are recognized in the statement of income in the period in which they arise as &#147;Initial recognition and changes
in fair value of biological assets and agricultural produce.&#148; We value our inventories of agricultural produce after harvest
at net realizable value, except for rough rice, which is valued at cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">When an active market exists for biological
assets, we use the quoted market price in the most relevant market as a basis to determine the fair value of our biological assets,
as in the case of cattle. For other biological assets where there is neither an active market nor market-determined prices during
the growth cycle, we determine their fair value through the use of DCF valuation techniques. Therefore, we generally derive the
fair value of our agricultural biological assets from the expected cash flows of the related agricultural produce. The DCF method
requires the input of highly subjective assumptions, including observable and unobservable data. Generally, the estimation of the
fair value of biological assets is based on models or inputs that are not observable in the market, and the use of unobservable
inputs is significant to the overall valuation of the assets. Various factors influence the availability of observable inputs,
including, but not limited to, the type of asset and its location, climate changes and the technology used, among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Unobservable inputs are determined based
on the best information available, for example, by reference to historical information regarding past practices and results, statistical
and agronomical information and other analytical techniques. Changes in the assumptions underlying such subjective inputs can materially
affect the fair value estimate and impact our results of operations and financial condition from period to period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">The DCF method requires the following significant
inputs to project revenues and costs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt"><b>&bull;</b></font></td>
    <TD STYLE="width: 92%"><font style="font-size: 10pt">Production cycles or number of harvests;</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt"><b>&bull;</b></font></td>
    <TD><font style="font-size: 10pt">Production area in hectares;</font></td></tr>
</table>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt"><b>&bull;</b></font></td>
    <TD STYLE="width: 92%"><font style="font-size: 10pt">Estimated crop and rice yields;</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt"><b>&bull;</b></font></td>
    <TD><font style="font-size: 10pt">Estimated sucrose content (Total Recoverable Sugar or TRS) for sugarcane;</font></td></tr>
</table>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt"><b>&bull;</b></font></td>
    <TD STYLE="width: 92%"><font style="font-size: 10pt">Estimated costs of harvesting and other costs to be incurred until the crops and rice reach maturity (mainly costs of pesticides, herbicides and spraying);</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt"><b>&bull;</b></font></td>
    <TD><font style="font-size: 10pt">Estimated transportation costs;</font></td></tr>
</table>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt"><b>&bull;</b></font></td>
    <TD STYLE="width: 92%"><font style="font-size: 10pt">Market prices; and</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt"><b>&bull;</b></font></td>
    <TD><font style="font-size: 10pt">Discount rates.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">In contrast to biological assets whose fair
value is generally determined using the DCF method, we typically determine the fair value of our agricultural produce at the point
of harvest using market prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Market prices used in the DCF model are determined
by reference to observable data in the relevant market (e.g. for crops, sugar and coffee). Harvesting costs and other costs are
estimated based on historical and statistical data. Yields are estimated by our agronomic engineers based on several factors, including
the location of the farmland, soil type, environmental conditions, infrastructure and other restrictions and growth at the time
of measurement. Yields are subject to a high degree of uncertainty and may be affected by several factors out of our control, including
but not limited to extreme or unusual weather conditions, plagues and other diseases. Discount rates reflect current market assessments
of the assets involved and the time value of money.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">As of December 31, 2014, the impact of a
reasonable 10% increase (decrease) in estimated costs, with all other variables held constant, would result in a decrease (increase)
in the fair value of our plantations less cost to sell of US$ 73.2 million for sugarcane, US$ 3.1 million for coffee, US$ 1.5 million
for crops and US$ 2.9 million for rice. As of December 31, 2014, the impact of a reasonable 5% increase (decrease) in estimated
yields, with all other variables held constant, would result in an increase (decrease) in the fair value of our plantations less
cost to sell of US$ 27.9 million for sugarcane and US$ 1.4 million for coffee. As of December 31, 2014, the impact of a reasonable
20% increase (decrease) in estimated yields, with all other variables held constant, would result in an increase (decrease) in
the fair value of our plantations less cost to sell of US$ 3.1 million for crops and US$ 6.3 million for rice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">All of the key assumptions discussed above
are highly sensitive. Reasonable shifts in assumptions, including but not limited to increases or decreases in prices and discount
rates used would result in a significant increase or decrease of the fair value of biological assets and significantly impact our
statement of income. In addition, cash flows are projected over the following year or a number of years (depending on the type
of biological asset) and based on estimated production. Estimates of production in and of themselves depend on various assumptions,
in addition to those described above, including but not limited to several factors such as location, environmental conditions and
other restrictions. Changes in these estimates could materially impact estimated production and could, therefore, affect estimates
of future cash flows used in the assessment of fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The valuation models and their assumptions
are reviewed annually, or quarterly if warranted, and, if necessary, adjusted.&nbsp;&nbsp;During the years ended December 31, 2011,
December 31, 2013 and December 31, 2014, we made no changes to the models.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The aggregate gains and losses arising during
a period on initial recognition and from the changes in fair value less costs to sell of biological assets is affected by the way
we treat our harvesting and production costs for accounting purposes. Since IAS 41 does not provide guidance on the treatment of
these costs, we generally capitalize all costs directly involved with the management of biological assets. These costs may include
labor, planting, fertilizers, agrochemicals, harvesting, irrigation and feeding, among others. Then, the cost of the biological
asset is adjusted periodically by the re-measurement of the biological asset at fair value less cost to sell. For example, before
significant biological growth is attained, costs and expenses are capitalized as biological assets, and once biological assets
reach significant biological growth we adjust biological assets to fair value less cost to sell. Accordingly, capitalized biological
assets are adjusted periodically at fair value less cost to sell. At the point of harvest, we recognize the agricultural produce
at fair value less cost to sell. The periodic adjustments in fair value less cost to sell reflect period to period gains or losses.
After agricultural produce is harvested, we may hold it in inventory at net realizable value up to the point of sale, which includes
market selling price less direct selling expenses, with changes in net realizable value recognized in the statement of income as
incurred. When we sell our inventory, we sell at the prevailing market price and we incur direct selling expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">We generally recognize the agricultural produce
held in inventory at net realizable value with changes recognized in the statement of income as they occur. Therefore, changes
in net realizable value represent the difference in value from the last measurement through the date of sale on an aggregated basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">We consider gains and losses recorded in
the line items of the statement of income &#147;Initial recognition and changes in fair value of biological assets and agricultural
produce&#148; and &#147;Changes in net realizable value of agricultural produce after harvest&#148; to be realized only when
the related produce or manufactured product is sold to third parties and, therefore, converted into cash or other financial assets.
Therefore, &#147;realized&#148; gains or losses means that the related produce or product has been sold and the proceeds are
included in revenues for the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The sale of agricultural produce is revenue
as defined in IAS 18. However, IAS 41 does not provide guidance on the presentation of revenues and costs arising from the selling
of biological assets and agricultural produce. Due to the lack of guidance in IAS 41 and based on IAS 1, &#147;Presentation of
financial statements,&#148; we present, as a matter of accounting policy, our sales of biological assets and agricultural produce
and their respective costs of sale separately in two line items in the statement of income. The line item &#147;Sales of agricultural
produce and biological assets&#148; represents the consideration received or receivable for the sale to third parties based generally
on the applicable quoted market prices of the respective produce or biological asset in the relevant markets at the point of sale.
At the point of sale, our agricultural produce is measured at net realizable value, which reflects the sale price less the direct
cost to sell, and our biological assets are measured at fair value less cost to sell, in each case, using the applicable quoted
market prices in the relevant markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">The line item &#147;Cost of agricultural
produce sold and direct agricultural selling expenses&#148; consists of two components: (i) the cost of our sold agricultural
produce and/or biological assets as appropriate plus (ii) in the case of agricultural produce, the direct costs of selling, including
but not limited to, transportation costs, export taxes and other levies. The cost of our agricultural produce sold represents the
recognition as an expense of our agricultural produce held in inventory valued at net realizable value. The cost of our biological
assets and/or agricultural produce sold at the point of harvest represents the recognition as an expense of our biological assets
and/or agricultural produce measured at fair value less costs to sell, generally representing the applicable quoted market price
at the time of sale. Accordingly, the line item &#147;Sales of agricultural produce and biological assets&#148; is equal to the
line item &#147;Cost of agricultural produce plus direct agricultural selling expenses.&#148;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Accordingly, we receive cash or consideration
upon the sale of our inventory of agricultural produce to third parties but we do not record any additional profit related to that
sale, as that gain or loss had already been recognized under the line items &#147;Initial recognition and changes in fair value
of biological assets and agricultural produce&#148; and &#147;Changes in net realizable value of agricultural produce after harvest,&#148;
as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Based on the foregoing, the gross profit
of our agricultural activities is solely a function of the &#147;Initial recognition and changes in fair value of biological assets
and agricultural produce&#148; and of the &#147;Changes in net realizable value of agricultural produce after harvest.&#148;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Business Combinations&mdash;Purchase Price Allocation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Accounting for business combinations requires
the allocation of our purchase price to the various assets and liabilities of the acquired business at their respective fair values.
We use all available information to make these fair value determinations. In some instances, assumptions with respect to the timing
and amount of future revenues and expenses associated with an asset might have to be used in determining its fair value. Actual
timing and amount of net cash flows from revenues and expenses related to that asset over time may differ materially from those
initial estimates, and if the timing is delayed significantly or if the net cash flows decline significantly, the asset could become
impaired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Impairment Testing</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">We review the carrying amounts of our property,
plant and equipment and finite lived intangible assets to determine whether there is any indication that those assets have suffered
an impairment loss. If any such indication exists, we estimate the recoverable amount of the asset in order to determine the extent,
if any, of the impairment loss. Where the asset does not generate cash flows that are independent from other assets, we estimate
the recoverable amount of the cash-generating unit to which the asset belongs. Our property, plant and equipment items generally
do not generate independent cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; margin-left: 25pt">
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">We initially measure goodwill on acquisition at cost being the excess of the cost of the business combination over our interest in the net fair value of the identifiable assets, liabilities and contingent liabilities. As of the acquisition date, we allocate any goodwill acquired to the cash-generating unit (&#145;CGU&#146;) expected to benefit from the business combination.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Following initial recognition, goodwill is
measured at cost less any accumulated impairment losses. We test goodwill for impairment annually as of September of each year,
or more frequently if events or changes in circumstances indicate that the carrying amount may be impaired. The impairment review
requires us to undertake certain judgments, including estimating the recoverable value of the CGU to which the goodwill relates,
based on either fair value less costs-to-sell or the value-in-use, as appropriate, in order to reach a conclusion on whether it
deems the goodwill is impaired or not.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">For purposes of the impairment testing, each
CGU represents the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows
from other assets or group of assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Farmland businesses may be used for different
activities that may generate independent cash flows. When farmland businesses are used for single activities (i.e. crops), these
are considered as one CGU. Generally, each separate farmland business within Argentina and Uruguay are treated as single CGUs.
Otherwise, when farmland businesses are used for more than one segment activity (i.e. crops and cattle or rental income), the farmland
is further subdivided into two or more CGUs, as appropriate, for purposes of impairment testing. For our properties in Brazil,
we identified a farmland together with its related mill as separate CGUs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">We reviewed the carrying amounts of our property,
plant and equipment and finite lived intangible assets as of December 31, 2014 to determine whether there was any indication of
potential impairment. We concluded that no impairment testing for property, plant and equipment and finite lived intangible assets
was necessary as of year-end. As regards on the mandatory impairment testing of goodwill for 2014 please see Nota 4<I>(b)</I> to
our Consolidated Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Fair Value of Derivatives and Other Financial Instruments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Fair values of derivative financial instruments
are computed with reference to quoted market prices on trade exchanges, when available. The fair values of commodity options are
calculated using year-end market value together with common option pricing models. The fair value of interest rate swaps has been
calculated using a DCF analysis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Income Taxes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Adecoagro is a soci&eacute;t&eacute; anonyme
(public company limited by shares) organized under the laws of the Grand Duchy of Luxembourg. We believe that Adecoagro&#146;s
corporate structure is organized in a form that will meet substantially all of the requirements provided for by Luxembourg law
to benefit from the participation exemption regime, and we have not received an objection, nor any indication to the contrary,
from the relevant Luxembourg tax authorities, to whom the proposed structure has been disclosed. Accordingly, Adecoagro believes
that it can rely on the participation exemption from tax on income pursuant to the laws of Luxembourg. Our operating subsidiaries
in Argentina, Brazil and Uruguay are subject to income taxes. We do not prepare or file a consolidated income tax return. Each
operating subsidiary prepares and files its respective income tax returns based on the applicable tax legislation in the country
in which the subsidiary operates. There are many transactions and calculations for which the ultimate tax determination is uncertain.
We recognize liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the
final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact our
current and deferred income tax assets and liabilities in the period in which such determination is made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Income taxes of each subsidiary are accounted
for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable
to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases,
as well as operating losses and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The
effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the
enactment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Deferred income tax assets are recognized
only to the extent that it is probable that future taxable profit will be available against which the temporary differences can
be utilized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">Deferred tax assets are reviewed at each
reporting date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow
all or part of the asset to be recovered. Deferred tax assets and liabilities are not discounted. In certain jurisdictions, the
annual effect of available tax losses is limited to a percentage of taxable income. In assessing the realizability of deferred
tax assets, we consider whether it is probable that some portion or all of the deferred tax assets will not be realized. The ultimate
realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those
temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable
income and tax planning strategies in making this assessment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operating Segments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">IFRS 8 &#147;Operating Segments&#148; requires
an entity to report financial and descriptive information about its reportable segments, which are operating segments or aggregations
of operating segments that meet specified criteria.&nbsp;&nbsp;Operating segments are components of an entity about which separate
financial information is available that is evaluated regularly by the chief operating decision maker (&#147;CODM&#148;) in deciding
how to allocate resources and in assessing performance. The CODM evaluates the business based on the differences in the nature
of its operations, products and services.&nbsp;&nbsp;The amount reported for each segment item is the measure reported to the CODM
for these purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">We are organized into three major lines of
business, namely, Farming; Sugar, Ethanol and Energy; and Land Transformation. As from January 1, 2014 the Company did not consider
its Coffee and Cattle businesses to be of continuing significance as they no longer meet the quantitative threshold for separate
disclosure as reportable segments. Accordinly, the Coffee and Cattle businesses are now presented within &#147;Farming &ndash;
All Other Segments&#148; and prior year disclosures have been recast to conform to this presentation. As a result, the Company&#146;s
businesses are comprised of six reportable operating segments, which are organized based upon their similar economic characteristics,
the nature of products they offer, their production processes, the type of their customers and their distribution methods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25pt; text-align: justify">We operate in three major lines of business,
namely, Farming; Sugar, Ethanol and Energy; and Land Transformation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="width: 92%"><font style="font-size: 10pt">Our farming business is further comprised of four reportable segments:</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 24%">&nbsp;</td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="width: 72%; text-align: justify"><font style="font-size: 10pt">Our <b>Crops</b> segment consists of planting, harvesting and sale of grains, oilseeds and fibers (including wheat, corn, soybeans, cotton and sunflowers, among others), and to a lesser extent the provision of grain warehousing/conditioning and handling and drying services to third parties. Each underlying crop in this segment does not represent a separate operating segment. Management seeks to maximize the use of the land through the cultivation of one or more type of crops. Types and surface amount of crops cultivated may vary from harvest year to harvest year depending on several factors, some of which are out of our control. Management is focused on the long-term performance of the productive land, and to that extent, the performance is assessed considering the aggregate combination, if any, of crops planted in the land. A single manager is responsible for the management of operating activity of all crops rather than for each individual crop.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 24%">&nbsp;</td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="width: 72%"><font style="font-size: 10pt">Our<b> Rice </b>segment consists of planting, harvesting, processing and marketing of rice;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 24%">&nbsp;</td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="width: 72%"><font style="font-size: 10pt">Our <b>Dairy</b> segment consists of the production and sale of raw milk,</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 24%">&nbsp;</td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="width: 72%; text-align: justify"><font style="font-size: 10pt">Our <b>All Other Segments </b>consists of the combination of the remaining non-reportable operating segments, which do not meet the quantitative thresholds for separate disclosure and for which the Company&#146;s management does not consider them&nbsp;&nbsp;to be of continuing significance as from January 1, 2014, namely, Coffee and Cattle.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="width: 92%; text-align: justify"><font style="font-size: 10pt">Our <b>Sugar, Ethanol and Energy</b> segment consists of cultivating sugarcane which is processed in owned sugar mills, transformed into ethanol, sugar and electricity and marketed;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="width: 92%; text-align: justify"><font style="font-size: 10pt">Our <b>Land Transformation</b> segment comprises the (i) identification and acquisition of underdeveloped and undermanaged farmland businesses; and (ii) realization of value through the strategic disposition of assets (generating profits).</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="text-align: justify; text-indent: 24pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
presents selected historical financial and operating data solely for the periods indicated as of December 31<FONT STYLE="vertical-align: text-top">st
</FONT>2014 as it is used for our discussion of results of operations.&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    ended December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Sales</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Farming Business</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">315,837</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">327,163</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">322,368</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Crops</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">177,662</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">185,117</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">196,206</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soybean(1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">79,515</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">68,850</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">66,721</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corn (2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">69,720</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">79,423</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">68,790</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wheat (3)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,819</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21,798</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34,831</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sunflower</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,016</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,030</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,887</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cotton</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,081</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,119</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,489</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other crops (4)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">511</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">897</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,488</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rice(5)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">103,682</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">107,093</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">93,904</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dairy</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,968</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,661</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,868</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All other segments(6)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,525</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,292</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,390</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 27pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar, Ethanol and Energy Business</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">407,129</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">317,461</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">282,332</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">174,459</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">133,597</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">134,766</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ethanol</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">165,870</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,383</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">121,544</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Energy</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">66,800</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,463</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,649</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other (7)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,018</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">373</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">722,966</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">644,624</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">604,700</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Land Transformation Business(8)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,508</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28,172</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,513</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014/2015</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013/2014</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012/2013</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2011/2012</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Harvest</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Harvest</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Harvest</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Harvest</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Production</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Farming Business</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Crops (tons)(9)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">643,354</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">496,590</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">564,800</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Soybean (tons)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">218,608</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">175,478</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">189,014</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Corn (tons) (2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">318,381</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">242,246</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">237,294</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Wheat (tons) (3)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">84,342</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">77,086</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">52,308</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">113,121</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Sunflower (tons)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23,161</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24,076</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,667</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Cotton (tons)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,118</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,482</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,704</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Rice(10) (tons)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">205,489</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">202,589</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">171,137</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; margin-left: 27pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<!-- Field: Page; Sequence: 110; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 85%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    ended December 31, 2014</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="width: 61%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Processed rice(11) (tons)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">225,535</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">174,558</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">172,384</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dairy(12) (liters)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">79,468</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">72,984</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54,954</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar, Ethanol and Energy Business</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar (tons)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">413,687</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">335,643</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">281,622</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ethanol (cubic meters)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">299,810</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">268,053</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">183,713</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Energy (MWh)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">445,705</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">300,208</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">238,540</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Land Transformation Business (hectares traded)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,887</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,176</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,475</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #ffffff; width: 52%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; background-color: #ffffff; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; background-color: #ffffff; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; background-color: #ffffff; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; background-color: #ffffff; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014/2015</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013/2014</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012/2013</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2011/2012</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="background-color: #ffffff; text-align: right; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Harvest</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="background-color: #ffffff; text-align: right; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Harvest</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="background-color: #ffffff; text-align: right; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Harvest</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="background-color: #ffffff; text-align: right; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Harvest</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #ffffff; text-align: left; padding-left: 36pt; text-indent: 27pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Planted
    Area</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="background-color: #ffffff; text-align: right; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="background-color: #ffffff; text-align: right; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="background-color: #ffffff; text-align: right; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="background-color: #ffffff; text-align: right; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="16" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="16" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(Hectares)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Farming Business(14)</FONT></TD>
    <TD COLSPAN="16" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 36pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soybean&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">96,868</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">82,980</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">92,103</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">92,789</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 36pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corn (2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39,939</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">51,324</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45,795</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">47,409</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 36pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wheat (3)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37,020</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29,412</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28,574</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">43,235</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 36pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sunflower</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,314</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,880</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,478</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,596</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 36pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cotton</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,131</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,217</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,098</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,389</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 36pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Forage</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,999</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,141</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,172</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,679</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 36pt; text-indent: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rice</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,328</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36,604</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,249</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,497</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 36pt; text-indent: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All other segments(15)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,632</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 36pt; text-indent: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total Planted Area</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">229,599</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">222,558</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">222,469</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">237,226</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 36pt; text-indent: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second Harvest Area</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">40,742</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29,923</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34,091</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">48,286</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 36pt; text-indent: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leased Area</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60,205</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">55,797</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54,197</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60,009</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 36pt; text-indent: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Owned Croppable Area(16)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">129,383</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">136,725</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">134,249</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">128,931</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="11" NOWRAP STYLE="background-color: #ffffff; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    ended December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; background-color: #ffffff; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px; background-color: #ffffff"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar, Ethanol and Energy Business</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 67%; text-align: left; text-indent: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugarcane plantation</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">124,412</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99,409</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">85,531</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Owned land</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,145</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,145</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,145</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leased land</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">115,267</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">90,264</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">76,386</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 4%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Includes
    soybean, soybean oil and soybean meal.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 96%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Includes
    sorghum.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Includes
    barley and rapeseed.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Includes
    other crops and farming services.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Sales
    of processed rice including rough rice purchased from third parties and processed in our own facilities, rice seeds and services.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">All
    other segments include our remaining interest in one coffee farm and our cattle business which primarily consists of leasing
    land to a third party based on the price of beef. See &#147;Item 4. Information on the Company&mdash;B. Business Overview&mdash;Cattle
    Business.&#148;. The &#147;Lagoa de Oeste&#148; and &#147;Mimoso&#148; coffee farms were sold in the second quarter of
    2013. In addition, we leased the coffee production rights of the &#147;Rio de Janeiro&#148; coffee farm for an 8-year period
    in the second quarter of 2013. We do not expect the coffee business to generate sales in future periods.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(7)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Includes
    sales of sugarcane and other miscellaneous items to third parties</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(8)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Represents
    capital gains from the sale of land.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Crop
    production does not include 89,081 tons, 30,628 tons, 62,636 tons of forage produced in the 2013/2014, 2012/2013 and 2010/2011
    harvest years, respectively.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(10)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Expressed
    in tons of rough rice produced on owned and leased farms. The rough rice we produce, along with additional rough rice we purchase
    from third parties, is ultimately processed and constitutes the product sold in respect of the rice business.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(11)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Includes
    rough rice purchased from third parties and processed in our own facilities. Expressed in tons of processed rice (1 ton of
    processed rice is approximately equivalent to 1.6 tons of rough rice).</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(12)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Raw
    milk produced at our dairy farms.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(13)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Measured
    in tons of live weight. Production is the sum of the net increases (or decreases) during a given period in live weight of
    each head of beef cattle we own.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(14)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Includes
    hectares planted in the second harvest.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(15)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Reflects
    the size of our coffee plantations, which are planted only once every 18 to 20 years.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(16)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Does
    not include potential croppable areas being evaluated for transformation.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 112; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Year ended December
31, 2014 as compared to year ended December 31, 2013</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 24pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
sets forth certain financial information with respect to our consolidated results of operations for the periods indicated.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 54pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 54pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="width: 78%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales of manufactured products and services rendered</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">513,127</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">425,307</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of manufactured products sold and services rendered</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(335,442</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(272,261</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Gross Profit from Manufacturing Activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>177,685</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>153,046</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales of agricultural produce and biological assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">209,839</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">219,317</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of agricultural produce sold and direct agricultural selling expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(209,839</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(219,317</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Initial recognition and changes in fair value of biological assets and
        agricultural produce</P></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,145</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(39,123</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Changes in net realizable value of agricultural produce after harvest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,401</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,875</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Gross / (Loss) Profit&nbsp;&nbsp;from Agricultural Activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>30,546</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(26,248</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Margin on Manufacturing and Agricultural Activities Before Operating Expenses</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>208,231</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>126,798</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General and administrative expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(52,695</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(53,352</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Selling expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(78,864</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(68,069</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other operating income, net</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,977</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">49,650</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share of loss of joint ventures</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(924</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(219</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Profit from Operations Before Financing and Taxation</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>87,725</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>54,808</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,291</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,234</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance costs</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(86,472</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(98,916</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial results, net</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(79,181</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(91,682</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Profit / (Loss) Before Income Tax</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8,544</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(36,874</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income tax (expense) / benefit</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6,106</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,277</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Profit / (Loss) for the Year from Continuing Operations</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,438</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(27,597</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Profit for the Year from Discontinued Operations</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,767</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Profit / (Loss) for the Year</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,438</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(25,830</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Sales of Manufactured
Products and Services Rendered</I></B></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>All
                                         other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Sugar,
                                         Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>and Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="22" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; width: 14%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">189</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">101,336</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,948</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,525</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">407,129</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>513,127</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">510</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">104,576</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,237</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">316,984</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>425,307</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 24pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Sales of manufactured
products and services rendered increased 20.6%, from $425.3 million in 2013 to $513.7 million in 2014, primarily as a result of:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 92%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a
    $90.1 million increase in our Sugar, Ethanol and Energy segment, mainly due to: (i) a 33% increase in the volume of sugar
    and ethanol sold, measured in TRS<SUP>(1)</SUP>, from 748 thousand tons in 2013 to 996 thousand tons in 2014; (ii) a 25.0%
    increase in volume of energy sold, from 354 thousand MWh in 2013 to 443 thousand MWh in 2014; and (iii) a 64.6% increase in
    the price of energy, from $91.7 in 2013 to $150.9 per Mwh in 2014 driven by strong drought during the summer, which affected
    Brazil&#146;s hydroelectric generators. The increase in volume of sugar and ethanol sold was due to (a) a 12.7% increase
    in sugarcane milled, from 6.4 million tons in 2013 to 7.2 million tons in 2014; (b) an inventories sell-off, measured in TRS,
    of 14.9 thousand tons in 2014 compared to an inventory build-up of 58.1 thousand tons in 2013 due to a commercial strategy
    focused on capturing higher prices; and (c) a 3.1% increase in the TRS content in sugarcane, from 126.5 kilograms per ton
    in 2013 to 130.5 kilograms per ton in 2014. The increase in the volume of energy sold was mainly due to (a) the increase in
    sugarcane milled; (b) the performance of our high-pressurized steam boilers which increased 31.7% the efficiency measured
    in kilowatt hours (KWh) per ton of cane milled, from 46.7 KWh/ton in 2013 to 61.6 KWh/ton in 2014 due to operational improvements.
    We expect to keep on improving the efficiency as we move towards full capacity in our cluster; and (c) our ability to turn-on
    the boiler early at the Angelica mill on March 7 to cogenerate electricity by burning the stockpile of bagasse leftover from
    the previous harvest. The increase in the sugarcane milled was the result of (i) an increase in the harvesting area from 77.4
    thousand hectares in 2013 to 79.4 thousand hectares in 2014 as a result of our focus in planting sugarcane seeking to feed
    the Ivinhema mill and reach milling at full capacity, and (ii) a 12.5% increase in sugarcane yields from 71.8 tons per hectare
    in 2013 to 80.8 tons per hectare in 2014. The increase in volumes sold and energy prices were partially offset by: (i) a 9.7%
    decrease in sugar price, from $411 per ton in 2013 to $371 per ton in 2014; and (ii) a 9.0% decrease in ethanol price, from
    $617 per cubic meter in 2013 to $562 per cubic meter in 2014.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<!-- Field: Page; Sequence: 113; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 24pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 24pt; font: 10pt Times New Roman, Times, Serif">The following figure
sets forth the variables that determine our Sugar and Ethanol sales:</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="img010_v2.jpg" ALT="GRAPHIC"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: left; width: 92%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;On average, one
    metric ton of sugarcane contains 140 kilograms of TRS (Total Recoverable Sugar). While a mill can produce either sugar or
    ethanol, the TRS input requirements differ between these two products. On average, 1.045 kilograms of TRS equivalent are required
    to produce 1.0 kilogram of sugar, while the amount of TRS required to produce 1 liter of ethanol is 1.691 kilograms</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 24pt; font: 10pt Times New Roman, Times, Serif">The following figure
sets forth the variables that determine our Sugar and Ethanol sales:</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="img011_v2.jpg" ALT="GRAPHIC">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>







<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The following table sets forth the breakdown of sales of manufactured products of Sugar, Ethanol and Energy segment for the periods indicated.</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 19%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Period
    Ended December 31,</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Period
    Ended December 31,</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Period
    Ended December 31,</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Chg
    %</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Chg
    %</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Chg
    %</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(in
    million of $)</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(in
    thousand units)</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(in
    dollars per unit)</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ethanol (M3)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">165.9</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150.4</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.3</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">295.1</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">243.4</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21.2</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">562.2</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">617.9</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9.0</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar (tons)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">174.5</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">133.6</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30.6</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">469.9</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">325.1</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">44.6</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">371.3</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">411.0</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9.7</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Energy (MWh)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">66.8</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32.5</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">105.8</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">442.7</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">354.0</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25.0</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150.9</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">91.8</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">64.6</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Others</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TOTAL</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">407.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">317.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
</TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $2.9 million increase in our Dairy segment as a result of 6.0 million liters of our fluid milk processed into powder milk pursuant to a tolling agreement executed during 2014. In 2013 we did not produce powder milk.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">partially offset by:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $3.2 million decrease in our Rice segment mainly due to a 7.1% decrease in the volume of white and brown rice sold measured in tons of rough rice, from 254.1 million tons in 2013 to 236.1 million tons in 2014, mainly explained by: (a) a decrease of 1.7% in yields from 5.7 tons per hectare in 2013 to 5.6 tons per hectare in 2014; (b) a 30.1% decrease in purchases of rough rice from third parties, from 52.6 tons in 2013 to 36.8 tons in 2014 due to the lower margins generated purchasing, milling and selling third parties rice; and (c) an inventory build-up of 1.3 thousand tons of rough rice in 2013 compared to an inventory sell-off of 1.2 thousand tons rough rice in 2014. This decrease was partially offset by an increase of 4.2% in the price measured in tons of rough rice equivalent, from $421 in 2013 to $439 in 2014.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $1.7 million decrease in our All Other segments as we are no longer in the business of operating coffee plantations following the sale of two of our coffee farms and the lease of our production rights with respect to our third farm in 2013.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Cost of Manufactured
Products Sold and Services Rendered</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="width: 34%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>All
                                         other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Sugar,
                                         Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>and Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="22" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(81,853</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,014</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(842</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(249,733</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(335,442</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(84,654</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(89</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(187,518</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(272,261</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Cost of manufactured
products sold and services rendered increased 23.2%, from $272.3 million in 2013, to $335.4 million in 2014. This increase was
primarily due to:&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $62.2 million increase in our Sugar, Ethanol and Energy segment mainly due to the increase in the volume of sugar and ethanol sold measured in TRS.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $3.0 million increase in our Dairy segment mainly due to the sale of 623 tons of powder milk in 2014 In 2013 we did not sell powder milk..</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">partially offset by:</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $2.8 million decrease in our Rice segment mainly due to a decrease in sales volume.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 9pt; font: 10pt Times New Roman, Times, Serif"><B><I>Sales and
Cost of Agricultural Produce and Biological Assets</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #ffffff; width: 34%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>All
                                         other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Sugar,
                                         Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>and Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="22" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">177,473</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,346</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,020</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>209,839</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">184,607</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,517</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,661</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,055</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">477</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>219,317</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Sales of agricultural
produce and biological assets decreased 4.3%, from $219.3 million in 2013, to $209.8 million in 2014, primarily as a result of:</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A $7.1 million decrease in our Crops segment mainly driven by: (i) a general decrease in commodity prices; and (ii) an inventory build-up of&nbsp;&nbsp;3.5 thousand tons of soybean and 14.0 thousand tons of corn in 2013 compared to an inventory build-up of 12.7 thousand tons of soybean and 34.9 thousand tons of corn in 2014; as a result of a commercial strategy focused on capturing higher prices.&nbsp;&nbsp;This was partially offset by (i) an increase in yields as 2012/2013 yields were negatively affected by a drought experienced from January to April 2013 and (ii) a 3.2% increase in production area from 147.9 thousand hectares in 2012/2013 to 152.7 thousand hectares in 2013/2014. For a full list of crops yields fluctuations, please see &#147;Trends and Factors Affecting Our Results of Operations&mdash;Effect of Yields Fluctuations&#148;.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
sets forth the breakdown of sales for the periods indicated.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Period
    ended December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Period
    ended December 31,</B></FONT><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT><FONT STYLE="font-size: 8pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Period ended December
    31,</B></FONT></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>%
    Chg</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>%
    Chg</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>%
    Chg</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    millions of $)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of tons)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    $ per ton)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="width: 10%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soybean</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">79.5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">68.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15.4</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">225.4</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">190.7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18.2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">352.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">361.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2.3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corn (1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">69.7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">79.4</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(12.2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">373.3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">353.3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">186.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">224.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(16.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: -6.45pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cotton Lint</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">90.7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1614.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2040.5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(20.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wheat (2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(59.6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">40.6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">75.3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(46.3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">218.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">289.3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(24.6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sunflower</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19.6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22.5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">417.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">410.3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Others</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30.8</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">177.5</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">184.6</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3.8</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: left; width: 92%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Includes sorghum</FONT></TD></TR>
</TABLE>


<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: left; width: 92%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Includes barley</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 4%; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 92%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our Dairy segment remained
virtually unchanged as a result of (i) the increase in production from 71.8 million liters in 2013 to 78.1 million liters in 2014
and (ii) the increase of 12.1% in cull cows and male calves meat sales due to an increase in beef prices, which was partially
offset by (iii) a price decrease of 3.6%, from $0.40 in 2013 to $0.38 per liter in 2014 and (iv) by the 6.0 million liters of
fluid milk destined to powder milk production in 2014.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">While we receive cash
or consideration upon the sale of our inventory of agricultural produce to third parties, we do not record any additional profit
related to that sale, as the gain or loss has already been recognized under the line items &#147;Initial recognition and changes
in fair value of biological assets and agricultural produce&#148; and &#147;Changes in net realizable value of agricultural produce
after harvest.&#148; Please see &#147;&mdash;Critical Accounting Policies and Estimates&mdash;Biological Assets and Agricultural
Produce&#148; above for a discussion of the accounting treatment, financial statement presentation and disclosure related to our
agricultural activity.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Initial Recognition
and Changes in Fair Value of Biological Assets and</I></B> <B><I>Agricultural Produce</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #ffffff; width: 34%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>All
                                         other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Sugar,
                                         Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>and Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="23" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">40,267</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,559</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,891</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">179</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(31,751</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>27,145</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24,356</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,339</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,761</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8,599</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(70,980</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(39,123</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Initial recognition
and changes in fair value of biological assets and agricultural produce increased from a loss of $39.1 million in 2013 to a gain
of $27.1 million in 2014, primarily due to:&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="width: 92%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $39.2 million increase in our Sugar, Ethanol and Energy segment, mainly due to:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $33 million increase in the recognition at fair value less cost to sell of non-harvested sugarcane, from a loss of $47.3 million in 2013 to a loss of $14.3 million in 2014, mainly generated by an increase in sugarcane yields estimates for 2015 due to operational improvements.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the changes in the recognition at fair value less cost to sell of sugarcane at the point of harvest increased from a loss of $23.6 million in 2013 to a loss of $17.4 million in 2014 due to lower production costs as a result of attained economies of scale and operational improvements.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of the $31.7 million loss of initial recognition and changes in fair value of biological assets and agricultural produce for 2014, $17.6 million loss represents the unrealized portion, as compared to the $52.6 million loss unrealized portion of the $71.0 million loss of initial recognition and changes in fair value of biological assets and agricultural produce in 2013.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $15.9 million increase in our Crops segment mainly due to:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $17.7 million increase in the recognition at fair value less cost to sell of crops at the point of harvest, from a gain of $23.5 million in 2013 to a gain of $41.2 million in 2014, mainly due to (i) an increase in yields as 2012/2013 yields were negatively affected by a drought experienced from January to April 2013; and (ii) lower production costs in dollar terms due to enhanced operating efficiencies coupled with a higher devaluation of the Argentine peso in 2014.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $1.8 million decrease in the recognition at fair value less cost to sell of non-harvested crops, from a gain of $0.9 million to a loss of $0.9 million in 2014, mainly due to the decrease of estimated prices for the 2014/2015 harvest year.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of the $40.3 million gain of initial recognition and changes in fair value of biological assets and agricultural produce for 2014, $2.8 million gain represents the unrealized portion, as compared to the $4.9 million unrealized gain of the $24.4 million gain of initial recognition and changes in fair value of biological assets and agricultural produce in 2013.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
sets forth actual production costs by crop for the periods indicated:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Harvest</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>2014/2015</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Harvest</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>2013/2014</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>%
    Change</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    $ per hectare)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; text-indent: 0pt; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Corn</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">432.2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">541.4</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(20.2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Soybean</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">398.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">497.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(19.7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Soybean Second harvest</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">248.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">301.1</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(17.6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cotton</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,362.2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,028.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(32.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Wheat</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">324.2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">304.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="width: 92%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $8.8 million increase in our All Other Segments as a result of a $8.6 million loss in 2013 mainly due to a decrease in the fair value of coffee plantations generated by a decrease in coffee price estimates. As of May 2, 2013, we entered into an agreement to sell the Lagoa do Oeste and Mimoso farms in Brazil, including 904 hectares planted with coffee trees, which represent two of our three farms in our Coffee segment. In addition, we entered into a lease agreement pursuant to which the lessee will operate and manage 728 hectares of existing coffee trees in the Company&#146;s third coffee farm, Rio de Janeiro, during an 8-year period. The loss in 2013 was primarily generated prior to the consummation of the sale and lease transactions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $2.1 million increase in our Dairy segment mainly due to:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $0.8 million increase in the recognition at fair value less cost to sell of fluid milk, from a gain of $8.0 million in 2013 to a gain of $8.8 million in 2014, mainly due to (i) the increase in the number of milking cows from 6,092 cows in 2013 from 6,440 cows in 2014, (ii) the increase in average productivity of milking cows from 32.8 lt/cow/day in 2013 to 33.8 lt/cow/day in 2014, and (iii) a 3.4% decrease in production costs per milking cow due to enhanced operating efficiencies coupled with the devaluation of the Argentine peso; and partially offset by the 3.6% decrease in the price of fluid milk.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of the $9.9 million gain of initial recognition and changes in fair value of biological assets and agricultural produce for 2014, $8.8 million gain represents the realized portion of such gain, as compared to the $8.0 million realized gain portion of the $7.8 million gain in initial recognition and changes in fair value of biological assets and agricultural produce in 2013.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our Rice segment remained essentially unchanged, as a result of:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $6.0 million increase in the recognition at fair value less cost to sell of rice at the point of harvest, from a gain of $6.1 million in 2013 to a gain of $12.1 million mainly due to (i) the increase in area under production; and (ii) the lower production costs in dollar terms due to enhanced operating efficiencies coupled with a higher devaluation of the Argentine peso in 2014.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $5.8 million decrease in the recognition at fair value less cost to sell of non-harvested rice, from a gain of $2.2 million to a loss of $3.6 million in 2014, mainly due to the decrease of projected rice yields for the 2014/2015 harvest year due to heavy rains in December 2014 and January 2015.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-<B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of the $8.6 million gain of initial recognition and changes in fair value of biological assets and agricultural produce for 2014, $10.9 million gain represents the realized portion, as compared to the $5.5 million gain realized portion of the $8.3 million gain of initial recognition and changes in fair value of biological assets and agricultural produce in 2013.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Changes in Net Realizable
Value of Agricultural Produce after Harvest</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #ffffff; width: 23%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>All
                                         other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Sugar,
                                         Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>and Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Corporate</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="27" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,401</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,401</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,607</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">121</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">147</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>12,875</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Changes in net realizable
value of agricultural produce after harvest is mainly determined by: (i) profit or loss from commodity price fluctuations during
the period of time the agricultural produce is in inventory, which impacts its fair value; (ii) profit or loss from the valuation
of forward contracts related to agricultural produce in inventory; and (iii) profit from direct exports. Changes in net realizable
value of agricultural produce after harvest decreased 73.6% from $12.9 million in 2013 to $3.4 million in 2014. This decrease is
mainly attributable to the decrease in commodity prices and higher level of corn inventories during 2014 than during 2013.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>General and Administrative
Expenses</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 95%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="width: 30%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>All
                                         other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Sugar,
                                         Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>and Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Corporate</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="26" NOWRAP STYLE="text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,343</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,218</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,554</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(166</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(22,054</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(21,360</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(52,695</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,101</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,424</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,087</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,119</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(19,434</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(23,187</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(53,352</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our general and administrative
expenses decreased 1.2%, from $53.4 million in 2013 to $52.6 million in 2014. This slight improvement was due to the enhanced operating
efficiencies achieved in the rice segment via the implementation of zero level technology coupled with a higher pace of devaluation
of the peso in Argentina in 2014. Zero level technology or precision leveling is a mechanical process of grading and smoothing
the land to a precise and uniform plane surface at grade or no grade (zero slope) used for efficient utilization of available water
resources..</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Selling Expenses</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 95%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="width: 30%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>All
                                         other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Sugar,
                                         Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>and Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Corporate</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="26" NOWRAP STYLE="text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,201</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(14,367</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(596</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(29</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(57,815</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,856</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(78,864</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6,236</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(16,104</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(454</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(497</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(44,571</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(207</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(68,069</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Selling expenses increased
15.9%, from $68.1 million in 2013 to $78.9 million in 2014, mainly driven by a $13.2 million increase in our Sugar, Ethanol and
Energy segment, primarily due to an increase in sales volume measured in TRS equivalent; which was partially offset by a decrease
of $1.7 million in our Rice segment due to lower sales.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Other Operating
Income, Net</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>All
                                         other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Sugar,
                                         Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>and Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Land</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Transformation</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Corporate</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="30" NOWRAP STYLE="text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt; width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">356</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">480</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">437</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(190</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,911</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(17</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>11,977</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,632</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">438</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">494</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(292</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,290</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28,172</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(84</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>49,650</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Other operating income,
net decreased 75.9%, from $49.7 million in 2013 to 12.0 million in 2014, primarily due to:&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="width: 92%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $28.2 million decrease in our Land Transformation segment due to the sale of: (i) our remaining 49% interest in Santa Regina S.A (51% of the interest was sold in December 2012), generating $1.2 million in capital gains for the period; (ii) Lagoa do Oeste and Mimoso coffee farms in Brazil, generating $5.7 million in capital gains for the prior period; and (iii) San Agust&iacute;n and San Martin farms for $21.3 million, farms located in Corrientes, Argentina, used for growing rice, grains and raising cattle.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $7.3 million decrease in our Crops segment due to the mark-to-market effect of outstanding hedge derivatives positions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $2.3 million decrease in our Sugar, Ethanol &amp; Energy segment due to the mark-to-market effect of outstanding hedge derivatives positions;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Other operating income,
net of our Rice, Dairy, All other segments and Corporate segments remained essentially unchanged.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Share of Loss of
Joint Ventures</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="width: 20%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>All
                                         other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Sugar,
                                         Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>and Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Land
    Transformation</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Corporate</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="30" NOWRAP STYLE="text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(924</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(924</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(219</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(219</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our share of loss of Joint
Ventures increased slightly from a loss of $0.2 million in 2013 to a loss of $0.9 million in 2014. This results is explained by
the 50% interest that we hold in CHS AGRO, a joint venture with CHS Inc., dedicated to the processing of confectionary sunflower.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Financial Results,
Net</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our&nbsp;&nbsp;Financial&nbsp;&nbsp;Result,
net increased from a loss of $91.7 in 2013 to a loss of $79.2 million in 2014, primarily due to: (i) a $9.2 million mainly non-cash
loss&nbsp;&nbsp;in 2014, compared to a $21.1 million non-cash loss in 2013, mostly generated by the impact of foreign exchange
fluctuation on our dollar denominated debt and the portion of the loss that was transferred to equity, in connection with our&nbsp;&nbsp;adoption
of cash flow hedge accounting under&nbsp;&nbsp;IAS 39 effective&nbsp;&nbsp;July 1, 2013. From January 1, 2014 to December 31, 2014,
Adecoagro recognized a $43.1 million loss in &#147;Other Comprehensive Income&#148; that will be reclassified to &#147;Profit
or Loss&#148; in future periods, when the associated debt is amortized, compared to the $15.8 million loss for the same period
of 2013. Additionally, during 2014 a $12.0 million loss was reclassified from Equity to the &#147;Financial Results, net&#148;
line item in 2014, in comparison with the $2.6 million loss that was similarly reclassified in 2013. Please see &#147;&mdash;Hedge
Accounting&mdash;Cash Flow Hedge&#148; described on Note 3 to our Consolidated Financial Statements. The increase in Financial
Results, net was also impacted to a lesser extent by a $3.2 million loss in 2014 compared to a $19 million loss in 2013, primarily
resulting from the mark to market of our currency hedge derivatives positions. This increase in Financial Results, net was partially
offset by higher interests costs driven by a higher level of debt mainly as a result of our capital expenditures commitments related
to the construction of our Ivinhema mill.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
sets forth the breakdown of financial results for the periods indicated.&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 90%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="width: 61%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    ended December 31, 2014</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    $ thousand)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>%
    Change</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,068</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,882</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest expense</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(54,915</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(49,249</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Foreign exchange losses, net</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9,246</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(21,087</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(56.2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash flow hedge &ndash; transfer from equity</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(12,031</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,560</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">370.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss from interest rate /foreign exchange rate derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,232</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(19,028</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(83.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,731</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,815</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2.2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other Income/(Expenses)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,094</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,825</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total Financial Results, net</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(79,181</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(91,682</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(13.6</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>%)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif"><B><I>Income Tax
(expense) / benefit</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our consolidated income
tax expense totaled $ 6.1 million in 2014, compared to a benefit $ 9.3 million in 2013.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For the year ended December
31, 2014, we recognized a consolidated income tax expense of $6.1 million on gain before income taxes of $8.5 million. For the
comparable 2013 period, we recognized a consolidated income tax benefit of $9.3 million on loss before income taxes of $36.9 million.
The effective tax rates were 71.5% and 25,2% for the years ended December 31, 2014 and 2013 respectively, mainly due to a tax loss
carryforward not recognized in Brazil due to projections by the Company about the possibility to apply&nbsp;&nbsp;this tax loss
carryforward in the future.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Profit / (Loss)
for the Year</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As a result of the foregoing,
our net result for the year increased from a loss of $25.8 million in 2013 to a gain of $2.4 million in 2014.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Year ended December
31, 2013 as compared to year ended December 31, 2012</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
sets forth certain financial information with respect to our consolidated results of operations for the periods indicated.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="width: 78%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales of manufactured products and services rendered</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">425,307</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">379,526</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of manufactured products sold and services rendered</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(272,261</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(263,978</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Gross Profit from Manufacturing Activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>153,046</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>115,548</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales of agricultural produce and biological assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">219,317</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">225,174</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of agricultural produce sold and direct agricultural selling expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(219,317</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(225,174</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Initial recognition and changes in fair value of biological assets and
agricultural produce</P></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(39,123</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,643</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Changes in net realizable value of agricultural produce after harvest</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,875</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,004</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Loss) / Gross Profit&nbsp;&nbsp;from Agricultural Activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(26,248</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>32,647</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Margin on Manufacturing and Agricultural Activities Before Operating Expenses</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>126,798</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>148,195</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General and administrative expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(53,352</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(57,691</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Selling expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(68,069</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(58,602</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other operating income, net</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">49,650</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,097</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share of loss of joint ventures</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(219</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Profit from Operations Before Financing and Taxation</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>54,808</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>62,999</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,234</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,538</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance costs</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(98,916</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(66,654</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial results, net</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(91,682</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(55,116</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Loss) / Profit Before Income Tax</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(36,874</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7,883</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income tax benefit</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,277</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,436</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Loss) / Profit for the Year from Continuing Operations</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(27,597</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13,319</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Profit / (Loss) for the Year from Discontinued Operations</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,767</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(4,040</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Loss) / Profit for the Year</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(25,830</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>9,279</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Sales of Manufactured
Products and Services Rendered</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="width: 34%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>All
                                         other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Sugar,
                                         Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>and Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="22" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">510</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">104,576</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,237</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">316,984</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>425,307</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">589</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">92,438</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,390</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">282,109</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>379,526</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Sales of manufactured
products and services rendered increased 12.1%, from $379.5 million in 2012 to $425.3 million in 2013, primarily as a result of:</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="width: 92%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A $34.9 million increase in our Sugar, Ethanol and Energy segment mainly due to (i) a 26.4% increase in the volume of sugar and ethanol sold, measured in TRS<FONT STYLE="vertical-align: text-top">(1)</FONT>, from 592,561 tons in 2012 to 748,766 tons in 2013. The increase in volume was due to (a) a 35.3% increase in harvested area, from 57,236 hectares in 2012 to 77,442 hectares in 2013; and (b) 363.8% increase in sugarcane purchased from third parties, from 184,897 tons in 2012 to 857,599 tons in 2013. This was partially offset by (i) a 5.4% decrease in TRS content in sugarcane, from 133.8 kgs/ton in 2012 to 126.5 kgs/ton in 2013 and a 4.5% decrease in yields, from 75.2 tons/hectare in 2012 to 71.8 tons/hectare in 2013, mainly as a result of a frost that occurred in July 2013 in Mato Grosso do Sul and above-average rains in Center-South Brazil during June 2013; (ii) a 9.5% decrease in the average sales price of ethanol, from $683.0 per m3 in 2012 to $617.8 per m3 in 2013; and (iii) a 16.8% decrease in the average sales price of sugar, from $493.8 per ton in 2012 to $411.0 per ton in 2013.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The following table sets forth the breakdown of sales of manufactured products for the periods indicated.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="width: 10%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Period
    Ended December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Period
    Ended December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Period
    Ended December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Chg
    %</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Chg
    %</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Chg
    %</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(in
    million of $)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(in
    thousand units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(in
    dollars per unit)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ethanol (M3)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150.4</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">121.5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">243.4</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">178.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">617.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">683.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9.5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar (tons)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">133.6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">134.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">325.1</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">272.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19.1</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">411.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">493.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(16.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Energy (MWh)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32.5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25.6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26.6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">354.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">317.2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">91.7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">80.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.4</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Others</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.4</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">173.2</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TOTAL</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">317.5</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">282.3</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.4</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $12.1 million increase in our Rice segment, mainly due to: (i) a 3.4% increase in the average sales price, from $407.6 per ton of rough rice equivalent in 2012 to $421.4 per ton of rough rice equivalent in 2013; and (ii) a 10.3% increase in the volume of white and brown rice sold measured in tons of rough rice, from 230,378 tons in 2012 to 254,134 tons in 2013, mainly explained by: (a) a 5.8% increase in average yields, from 5.4 tons per hectare in 2012 to 5.7 tons per hectare in 2013; (b) a 11.9% increase in planted hectares, from 31,497 hectares in 2012 to 35,249 hectares in 2013; partially offset by (c) a 46.9% decrease in the volume of rough rice purchased from third parties, from 86,481 tons in 2012 to 45,921 tons in 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt">partially offset by:</TD></TR>
</TABLE>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="width: 92%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $1.2 million decrease in our Cattle segment mainly due to (i) a 12.5% decrease in meat prices as compared to 2012; and (ii) a 14.2% decrease in leased area resulting from the sale of farms during the year and the conversion of cattle land into rice land.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Cost of Manufactured
Products Sold and Services Rendered</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="width: 34%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>All
                                         other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Sugar,
                                         Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>and Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="22" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(84,654</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(89</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(187,518</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(272,261</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(78,617</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(230</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(185,131</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(263,978</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Cost of manufactured
products sold and services rendered increased 3.1%, from $264.0 million in 2012, to $272.3 million in 2013. This increase was
primarily due to:</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $6.0 million increase in our Rice segment mainly due to: (i) a 10.3% increase in sales measured in rough rice equivalent, (ii) a 2.1% increase in unitary costs, mainly due to (a) higher price of the rough rice used as raw material; and (b) higher proportion of white rice in the production mix, from 69.4% in 2012 to 97.7% in 2013. White rice is more costly than brown rice due to higher processing costs and higher raw material consumption.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $2.4 million increase in our Sugar, Ethanol and Energy segment mainly due to (i) a 26.4% increase in the volume of sugar and ethanol sold measured in TRS; partially offset by (ii) a 20.2% decrease in transfer price of our sugarcane production, which is transferred from our farms to the mill at fair value, from $34.8 per ton in 2012 to $27.7 per ton in 2013, as a result of lower sugar and ethanol market prices.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 9pt; font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 9pt; font: 10pt Times New Roman, Times, Serif"><B><I>Sales and
Cost of Agricultural Produce and Biological Assets</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #ffffff; width: 34%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>All
                                         other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Sugar,
                                         Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>and Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="23" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">184,607</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,517</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,661</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,055</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">477</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>219,317</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">195,617</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,466</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,868</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">223</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>225,174</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Sales of agricultural
produce and biological assets decreased 2.6%, from $225.2 million in 2012 to $219.3 million in 2013, primarily as a result of:</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 92%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $11.0 million decrease in our Crops segment mainly driven by (i) lower wheat inventory sell-off, from 51,253 tons in 2012 to 750 tons in 2013; and (ii) a 11.1% decrease in soybean first harvest yields from 2.5 tons per hectare in the 2012/2013 harvest to 2.2 tons per hectare in the 2013/2014 harvest, mainly due to the drought experienced throughout January to April 2013, that affected the crop development during its critical period. This was partially offset by (iii) an increase in the volume of cornsold mainly due to a 5.8% increase in corn yields, from 5.0 tons per hectare in the 2012/2013 harvest to 5.3 tons per hectare in the 2013/2014 harvest, as corn yields in the 2012/2013 season were affected by a drought suffered in November 2011 through January 2012; and (iv) higher soybean, corn, wheat and sunflower selling prices.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;The following
table sets forth the breakdown of sales for the periods indicated.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Period
    ended December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Period
    ended December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Period
    ended December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>%
    Chg</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>%
    Chg</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>%
    Chg</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    millions of $)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of tons)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    $ per ton)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="width: 10%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soybean</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">68.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">66.7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">190.7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">191.6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">361.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">348.2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corn (1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">79.4</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">68.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15.5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">353.3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">313.5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">224.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">219.4</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.4</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cotton lint</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15.3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(65.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(70.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,049.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,757.3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16.6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wheat (2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(37.4</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">75.3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150.3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(49.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">289.3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">231.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sunflower</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19.6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19.7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">410.3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">399.7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Others</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.8</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(32.8</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">185.1</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">196.2</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5.7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">641.5</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">683.8</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6.2</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>




<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: left; width: 92%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Includes sorghum</FONT></TD></TR>
</TABLE>


<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="text-align: left; width: 92%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Includes barley</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">partially offset by:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 92%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $11.8 million increase in our Dairy segment from $18.9 million in 2012 to $30.7 million in 2013, mainly due to: (i) a 34.9% increase in liters sold, from 53.3 million liters in 2012 to 71.9 million liters in 2013, primarily as a result of (a) a 21.2% increase in the number of milking cows, from 5,025 heads in 2012 to 6,092 heads in 2013; and (b) a 9.5% increase in productivity, from 30.0 liters/milking cow in 2012 to 32.8 liters/milking cow in 2013..</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">While we receive cash
or consideration upon the sale of our inventory of agricultural produce to third parties, we do not record any additional profit
related to that sale, as that gain or loss had already been recognized under the line items &#147;Initial recognition and changes
in fair value of biological assets and agricultural produce&#148; and &#147;Changes in net realizable value of agricultural produce
after harvest.&#148; Please see &#147;&mdash;Critical Accounting Policies and Estimates&mdash;Biological Assets and Agricultural
Produce&#148; above for a discussion of the accounting treatment, financial statement presentation and disclosure related to our
agricultural activity.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Initial Recognition
and Changes in Fair Value of Biological Assets and</I></B> <B><I>Agricultural Produce</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="width: 34%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>All
                                         other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Sugar,
                                         Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>and Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="22" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24,356</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,339</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,761</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8,599</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(70,980</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(39,123</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,471</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,463</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,060</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,327</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(23,024</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>16,643</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Initial recognition
and changes in fair value of biological assets and agricultural produce decreased in from a gain of $16.6 million in 2012 to a
loss of $39.1 million in 2013, primarily due to:</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="width: 92%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $48.0 million decrease in our Sugar, Ethanol and Energy segment due to:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $25.4 million decrease, from a gain of $1.8 million in 2012 to a loss of $23.7 million in 2013, generated by the recognition at fair value less cost to sell of sugarcane at the point of harvest mainly due to: (i) a 4.5% decrease in yields obtained; (ii) a 20.2% decrease in the price of our sugarcane production, which was partially offset by: (iii) a 35.3% increase in harvested area.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $22.6 million decrease, from a loss of $24.8 million in 2012 to a loss of $47.3 million in 2013, mainly generated by a decrease in price estimates used in the DCF model to determine the fair value of our sugarcane plantations. In the DCF model, the price of future harvested sugarcane is calculated based on estimates of sugar price derived from the NY11 futures contract. Sugar price estimates as of December 31, 2014, which are calculated based on the average of daily prices for sugar future contracts for the period July 1 to December 31 (i.e. 6-month moving average), decreased 15.1% compared to sugar price estimates as of December 31, 2013, for the same period.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Of the $71.0 million loss of initial recognition and changes in fair value of biological assets and agricultural produce in 2013, $47.3 million loss represents the unrealized portion, as compared to the $24.8 million gain unrealized portion of the $23.0 million gain of initial recognition and changes in fair value of biological assets and agricultural produce in 2012.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $11.1 million decrease in our Crops segment mainly due to:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $5.8 million decrease in the recognition at fair value less cost to sell of crops at the point of harvest, from a gain of $29.3 million in 2012 to a gain of $23.5 million in 2013, mainly due to: (i) lower soybean yields as a result of the dry weather conditions between January and April 2013; partially offset by (ii) higher corn yields as yields in the 2012/2013 season were affected by a drought suffered in November 2011 through January 2012; and (iii) higher market prices (see &#147;Trends and Factors Affecting Our Results of Operations&mdash;Effects of Fluctuations in Commodities Prices&#148;).</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 92%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $5.3 million decrease in the recognition at fair value less cost to sell for non-harvested crops as of Decembe 31, 2013, from a gain of $6.2 million in 2012 to a gain of $0.9 million in 2013, mainly due (i) to lower expected yields for corn and soybean due to the low level of rains in Argentina during December of 2013, which resulted in lower yields potential measured as of December 31; (ii) and lower corn and soybean prices.</FONT></TD></TR>
</TABLE>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
sets forth actual production costs by crop for the periods indicated:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 5%; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Harvest
    <BR>
2013/2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Harvest
    <BR>
2012/2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="padding-bottom: 2px; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>% Change</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    $ per hectare)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Corn</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">541.4</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">535.7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.1</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Soybean</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">497.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">470.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Soybean Second harvest</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">301.1</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">278.6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.1</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cotton</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,028.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1765.2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Wheat</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">304.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">324.3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-6.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="width: 92%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $4.1 million decrease in our Coffee segment mainly due to:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $5.5 million decrease in the recognition at fair value less cost to sell of non-harvested coffee, from a loss of $2.6 million in 2012 to a loss of $8.1 million in 2013, mainly due to a decrease in the coffee price (ICE-NY) estimates used in the DCF model to determine the fair value of our coffee plantations. As of May 2, 2013 we entered into an agreement to sell the Lagoa do Oeste and Mimoso farms in Brazil, including 904 hectares planted with coffee trees, which represent all of our farms in our Coffee segment. In addition, we entered into a lease agreement pursuant to which the lessee will operate and manage 728 hectares of existing coffee trees in the company&#146;s Rio de Janeiro farm during an 8-year period. The loss in 2013 was mostly generated prior to the consummation of the sale and lease transactions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a 1.4 million increase in the recognition at fair value less cost to sell of coffee at the point of harvest, from a loss of $1.6 million in 2012 to a loss of $0.2 million in 2013. The loss in 2012 is related to the downward trend in coffee prices following the harvest.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Of the $8.3 million loss of initial recognition and changes in fair value of biological assets and agricultural produce in 2013, $8.1 million loss represents the unrealized portion, as compared to the $2.6 million loss unrealized portion of the $4.2 million loss of initial recognition and changes in fair value of biological assets and agricultural produce in 2012;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">partially offset by</FONT></TD></TR>
</TABLE>


<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="width: 92%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $1.9 million increase in our Rice segment, as a result of:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $4.0 million increase in the recognition at fair value less cost to sell of rice at the point of harvest, mainly due to (i) a 5.8% increase in average yields and; (ii) a 11.9% increase in planted area; partially offset by (iii) higher harvest and tillage expenses.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $2.1 million decrease in the recognition at fair value less cost to sell of non-harvested rice, from $4.4 million in 2012 to $2.2 million in 2013, as a result of lower estimated prices for the 2013/2014 harvest relative to the 2013/2014 harvest measured as of December 31.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-<B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Of the $8.3 million gain of initial recognition and changes in fair value of biological assets and agricultural produce for 2013, $2.2 million gain represents the unrealized portion, as compared to the $4.4 million gain unrealized portion of the $6.5 million gain of initial recognition and changes in fair value of biological assets and agricultural produce in 2012;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 92%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $5.7 million increase in our Dairy segment mainly due to:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $6.1 million increase in the recognition at fair value less cost to sell of raw milk, from a gain of $1.9 million in 2012 to a gain of $8.0 million in 2013, mainly due to (i) a 21.2% increase in the number of milking cows, from 5,025 heads in 2012 to 6,092 heads in 2013; (ii) a 20.5% increase in milk sales average prices, from 35.4 cents per liter in 2011 to 42.7 cents per liter in 2013; and (iii) a 9.5% increase in the average productivity of milking cows, from 30.0 liters per cow per day in 2012 to 32.8 liters per cow per day in 2013;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $0.3 million decrease in the revaluation of the dairy herd, from a $0.1 million increase in value in 2012 to a $0.2 million decrease in value in 2013, as a result of a decrease in the market price of dairy cows.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Of the $7.8 million gain in initial recognition and changes in fair value of biological assets and agricultural produce for 2013, $0.2 million loss represents the unrealized portion, as compared to the $0.1 million unrealized gain portion of the $2.1 million gain in initial recognition and changes in fair value of biological assets and agricultural produce in 2012.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Changes in Net Realizable
Value of Agricultural Produce after Harvest</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #ffffff; width: 30%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 7%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 7%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 7%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 7%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 7%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 7%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 7%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>All
                                         other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Sugar,
                                         Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>and Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Corporate</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="27" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,607</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">121</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">147</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>12,875</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,850</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">154</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>16,004</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Changes in net realizable
value of agricultural produce after harvest is mainly composed by: (i) profit or loss from commodity price fluctuations during
the period of time the agricultural produce is in inventory which impacts its fair value, (ii) profit or loss from the valuation
of forward contracts related to agricultural produce in inventory and (iii) profit from direct exports. Changes in net realizable
value of agricultural produce after harvest decreased 19.6% from $16.0 million in 2012 to $12.9 million in 2013. This decrease
is primarily explained by a lower profit from direct exports of corn.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>General and Administrative
Expenses</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 95%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="width: 16%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Coffee</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Sugar,
</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Ethanol</B></FONT> <FONT STYLE="font-size: 8pt"><B>and <BR>
Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Corporate</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="26" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,101</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,424</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,087</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,119</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(19,434</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(23,187</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(53,352</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,436</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,072</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(906</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,105</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(22,239</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(24,933</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(57,691</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our general and administrative
expenses decreased 7.5%, from $57.7 million in 2012 to $53.4 million in 2013, mainly due to a reduction in&nbsp;&nbsp;variable
compensation, mainly bonuses.</P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><I>&nbsp;</I></B></P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><I>Selling Expenses</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 95%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #ffffff; width: 16%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>All
                                         other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Sugar,
                                         Ethanol</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>and Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Corporate</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: right; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="27" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6,236</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(16,104</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(454</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(497</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(44,571</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(207</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(68,069</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,904</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(16,157</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(319</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(364</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(35,690</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(168</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(58,602</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Selling expenses increased
16.2%, from $58.6 million in 2012 to $68.1 million in 2013, mainly driven by a $8.9 million increase in our Sugar, Ethanol and
Energy segment, from $35.7 million in 2012 to $44.6 million in 2013, primarily due to an increase in sales volume measured in TRS
equivalent.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">Selling expenses
of our Crops, Rice, Dairy, Coffee and Cattle segments remained essentially unchanged.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Other Operating
Income, Net</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Coffee</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Sugar,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;Ethanol and</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Energy</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Land</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Transformation</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Corporate</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="30" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt; width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,632</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">438</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">494</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(292</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,290</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28,172</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(84</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>49,650</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9,330</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,065</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,371</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,797</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,513</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(341</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>31,097</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Other operating income,
net increased 60.0%, from $31.1 million in 2012 to $49.7 million in 2013, primarily due to:</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="width: 92%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $17.0 million increase in our Crops segment due to the mark-to-market effect of outstanding hedge positions, which had a negative impact during 2012 and a positive impact in 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $3.5 million increase in our Sugar, Ethanol &amp; Energy segment due to the mark-to-market effect of future sales contracts for sugar;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">partially offset by:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a $2.7 million decrease in our Coffee segment due to the mark-to-market effect of outstanding hedge positions, which had a positive impact during 2012.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Other operating income,
net of our Rice, Dairy, Cattle, Land Transformation and Corporate segments remained essentially unchanged.</P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><I>&nbsp;</I></B></P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><I>Profit / (Loss)
for the Year from Discontinued Operations</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our profit from discounted
operations increased from a loss of $4.0 million in 2012 to a gain of $1.8 million in 2013, primarily explained by the gain recognized
in connection with the disposal of our interest in &#147;La Lacteo&#148;, a milk processing facility in Cordoba, Argentina.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Financial Results,
Net</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our net financial results
decreased from a loss of $55.1 million in 2012 to a loss of $91.7 million in 2013, primarily due to: (i) higher interests expenses
driven by a higher level of debt mainly as a result of our capital expenditures commitments related to the construction of our
Ivinhema mill; (ii) a $19.0 million loss in 2013, compared to a $5.8 million loss in 2012, primarily resulting from the mark to
market of our currency derivatives used to hedge the future US dollar inflows generated by our forward sugar sales; (iii) lower
interest income mainly due to the lower cash balance as a result of our capital expenditures program; and (iv) a $21.1 million
non-cash loss in 2013, compared to a $26.1 million non-cash loss in 2012, mostly generated by the impact of foreign exchange fluctuation
on our dollar denominated debt. As of July 1, 2013, Adecoagro implemented Cash Flow Hedge Accounting. Since July 1, 2013 to December
31, 2014, a 24.1 million loss was recognized from the &#147;Financial Result, net&#148; line item to Equity and will remain in
Equity until the associated debt is amortized. Additionally, a $2.6 million loss was recognized from Equity to the &#147;Financial
Result, net&#148; line item. Please see &#147;&mdash;Hedge Accounting&mdash;Cash Flow Hedge&#148; described on Note 3 to our
Consolidated Financial Statements.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
sets forth the breakdown of financial results for the periods indicated.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #ffffff; width: 58%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 11%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 11%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #ffffff; width: 11%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #ffffff; text-align: center; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="11" NOWRAP STYLE="text-align: center; background-color: #ffffff; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="padding-bottom: 2px; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    $ thousand)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; background-color: #ffffff; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; background-color: #ffffff; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>%
    Change</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; background-color: #ffffff"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,882</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,249</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(38.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest expense</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(49,249</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(27,672</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">78.0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Foreign exchange losses, net</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(21,087</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(26,080</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(19.1</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash flow hedge &ndash; transfer from equity</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,560</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss from interest rate /foreign exchange rate derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(19,028</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,823</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">226.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,815</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,265</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(10.6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other Income/(Expenses)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,825</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,525</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total Financial Results, net</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(91,682</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(55,116</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>66.3</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>%</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif"><B><I>Income Tax
benefit / (expense)</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our consolidated income
tax benefit totaled $ 9.3 million in 2013, compared to $ 5.4 million in 2012.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For the year ended December
31, 2013, we recognized a consolidated income tax benefit of $9.3 million on loss before income taxes of $36.9 million. For the
comparable 2012 period, we recognized a consolidated income tax benefit of $5.4 million on income before income taxes of $7.9 million.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>(Loss) / Profit&nbsp;&nbsp;for
the Year</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As a result of the
foregoing, our net result for the year decreased from a gain of $9.3 million in 2012 to a loss of $25.8 million in 2013.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>B.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 85%"><A NAME="a019v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>LIQUIDITY AND CAPITAL RESOURCES</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our liquidity and capital
resources are and will be influenced by a variety of factors, including:</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 92%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to generate cash flows from our operations;</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="width: 92%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the level of our outstanding indebtedness and the interest that we are obligated to pay on such outstanding indebtedness;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our capital expenditure requirements, which consist primarily of investments in new farmland, in our operations, in equipment and plant facilities and maintenance costs; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our working capital requirements.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our principal sources
of liquidity have traditionally consisted of shareholders&#146; contributions, short and long term borrowings and proceeds received
from the disposition of transformed farmland or subsidiaries.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We believe that our
working capital will be sufficient during the next 12 months to meet our liquidity requirements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Years ended December
31, 2014, 2013 and 2012</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The table below reflects
our statements of Cash Flow for the fiscal years ended December 31, 2014, 2013 and 2012.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 67%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    ended December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalent at the beginning of the year</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">232,147</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">218,809</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">330,546</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalent at the end of the year</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">113,795</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">232,147</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">218,809</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net cash generated from operating activities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">133.133</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">102,080</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">67,823</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(11,320</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(31,877</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(12,853</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net cash used in investing activities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(313,454</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(161,536</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(300,215</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net cash generated from financing activities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">73,289</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">104,671</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">133,508</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Operating Activities</U></I></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 25pt; font: 10pt Times New Roman, Times, Serif"><B><I>Year ended
December 31, 2014</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Net cash generated by
operating activities was $133.1 million for the year ended December 31,2014. During this year, we generated a net income of $2.4
million that included non-cash charges relating primarily to depreciation and amortization of $89.7 million, interest and other
financial expenses, net of $50.9 million, $15.8 million of unrealized portion of the &#147;Initial recognition and changes in
fair value of biological assets and agricultural produce&#148;, $9.2 million of foreign exchange losses; and $12.0 million loss
as a result of the reclassification from Equity to Financial Results, net in connection with the adoption of cash flow hedge accounting
under IAS39.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>
<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition, other changes
in operating asset and liability balances resulted in a net decrease in cash of $49.1 million, primarily due to an increase in
trade and other receivables (due to the buildup of working capital related to the expansion of Sugar and Ethanol operations, mainly
advances to suppliers and long term tax credits related to the construction of the Ivinhema mill), and an increase in ethanol inventories
(as a consequence of the decision to capture better prices) totaling $60.6 million.&nbsp;&nbsp;These effects were partially offset
by an increase of $21.6 million in liabilities.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 25pt; font: 10pt Times New Roman, Times, Serif"><B><I>Year ended
December 31, 2013</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Net cash generated by
operating activities was $102.1 million for the year ended December 31, 2013. During this year, we generated a net loss of $25.8
million that included non-cash charges relating primarily to depreciation and amortization of $69.4 million, interest and other
financial expenses, net&nbsp;&nbsp;of $45.2 million, $53.5 million of unrealized portion of the &#147;Initial recognition and
changes in fair value of biological assets and agricultural produce,&#148; $21.1 million of foreign exchange losses All these
effects were partially offset by gain from the disposal of&nbsp;&nbsp;subsidiaries , farmlands and other assets of $28.4 million
and $9.3 million of income tax benefit.</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; margin: 0pt 0">&nbsp;</P>




<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition, other changes
in operating asset and liability balances resulted in a net decrease in cash of $27.6 million, primarily due to an increase of
$35.5 million in trade and other receivables, due to the buildup of working capital related to the expansion of our Sugar and Ethanol
operations (mainly advances to suppliers and long term tax credits related to the lvinhema project development), and an increase
in ethanol inventories, as a consequence of&nbsp;&nbsp;the decision to capture better prices. These effects were partially offset
by an increase of $35.3 million in liabilities.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 25pt; font: 10pt Times New Roman, Times, Serif"><B><I>Year ended
December 31, 2012</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Net cash generated by
operating activities was $67.8 million for the year ended December 31, 2012. During this year, we generated a net profit of $9.3
million that included non-cash charges relating primarily to depreciation and amortization of $54.5 million, interest expense,
net of $18.9 million, $13.3 million of unrealized portion of the &#147;Initial recognition and changes in fair value of biological
assets and agricultural produce,&#148; $24.8 million of foreign exchange losses and $6.3 million loss from derivative financial
instruments and forward sales contracts. All these effects were partially offset by gain from the disposal of&nbsp;&nbsp;subsidiaries
of $27.5 million and $5.4 million of income tax benefit.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition, other changes
in operating asset and liability balances resulted in a net decrease in cash of $29.0 million, primarily due to an increase of
$39.2 million in trade and other receivables, due to the buildup of working capital of the Sugar and Ethanol operations (mainly
advances to suppliers and long ter tax credits related to the lvinhema project development), partially offset by an increase of
$21.1 million in liabilities.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Investing Activities</U></I></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 25pt; font: 10pt Times New Roman, Times, Serif"><B><I>Year ended
December 31, 2014</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Net cash used in investing
activities totaled $313.5 million in the year ended December 31, 2014, primarily due to the purchases of property, plant and equipment
(mainly acquisitions of machinery, buildings and facilities for the construction of the second phase of Ivinhema mill), totaling
$207.7 million; $110.9 million in biological assets related mainly to the expansion of our sugarcane plantation area in Mato Grosso
do Sul. Net inflows from investing activities were related to interest income of $7.1 million.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 25pt; font: 10pt Times New Roman, Times, Serif"><B><I>Year ended
December 31, 2013</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Net cash used in investing
activities totaled $161.5 million in the year ended December 31, 2013, primarily due to the purchase of property, plant and equipment
(mainly acquisitions of machinery, buildings and facilities for the construction of the second phase of Ivinhema mill), totaling
$128.7 million; $96.5 million in biological assets related mainly to the expansion of our sugarcane plantation area in Mato Grosso
do Sul. Net inflows from investing activities were primarily related to proceeds of $43.4 million from the sale of farmlands and
subsidiaries and $6.9 million in interest income.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 25pt; font: 10pt Times New Roman, Times, Serif"><B><I>Year ended
December 31, 2012</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Net cash used in investing
activities totaled $300.2 million in the year ended December 31, 2012, primarily due to the purchases of property, plant and equipment
(mainly acquisitions of machinery, buildings and facilities for our Brazilian operations for the lvinhema project, the second free
stall facility and Franck rice mill) totaling $218.8 million; $82.6 million in biological assets related mainly to the expansion
of our sugarcane plantation area in Mato Grosso do Sul and the payment of the balance of the acquisitions of Dinaluca, Agroforestal
and Simoneta, wholly owned subsidiaries for $33.5 million. Net inflows from investing activities were primarily related to proceeds
of an aggregate of $25.9 million from the sale of farmlands and subsidiaries and $11.2 million of interest received.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Financing Activities</U></I></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Year ended December
31, 2014</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Net cash provided by
financing activities was $73.3 million in the year ended December 31, 2014 primarily derived from the incurrence of new long and
short term loans, mainly for our Brazilian operations related to the Sugar and Ethanol cluster development of $180.0 and $152.2
million, respectively; and from the sale of non-controlling interest in subsidiaries for $49.3 million. All these effects were
partially offset by payments of long and short term borrowings for $177.0 and $70.2 million, respectively. During this period,
interest paid totaled $48.9 million. We also used $13.0 million in the repurchase of our own shares.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Year ended December
31, 2013</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Net cash provided by
financing activities was $104.7 million in the year ended December 31, 2013, primarily derived from the incurrence of new long
and short term loans, mainly for our Brazilian operations related to the Sugar and Ethanol cluster development for $322.8 and $42.2
million, respectively; partially offset by payments of $113.7 and $95.6 million of our long and short term borrowings, respectively.
During this period, interest paid totaled $46.0 million. We also used $5.1 million in the repurchase of our own shares. (Please
see Note 17 to our consolidated financial expenses)</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Year ended December
31, 2012</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Net cash provided by
financing activities was $133.5 million in the year ended December 31, 2012, primarily derived from the incurrences of new long
and short term loans for $230.6 and $174.7 million, respectively; partially offset by payments of $79.8 and $157.6 million of our
long and short term borrowings, respectively. During 2012, the payment of&nbsp;&nbsp;interest totaled&nbsp;&nbsp;$34.6 million.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 25pt; font: 10pt Times New Roman, Times, Serif"><B>Cash and Cash
Equivalents</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Historically since our
cash flows from operations were insufficient to fund our working capital needs and investment plans, we funded our operations with
proceeds from short-term and long-term indebtedness and capital contributions from existing and new private investors. In 2011
we raised $421.8 million from an Initial Public Offering (&#147;IPO&#148;) and simultaneous private placement . As of December
31, 2014, our cash and cash equivalents amounted to $113.8 million.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">However, we may need
additional cash resources in the future to continue our investment plans. Also, we may need additional cash if we experience a
change in business conditions or other developments. We also might need additional cash resources in the future if we find and
wish to pursue opportunities for investment, acquisitions, strategic alliances or other similar investments. If we ever determine
that our cash requirements exceed our amounts of cash and cash equivalents on hand, we might seek to issue debt or additional equity
securities or obtain additional credit facilities or realize the disposition of transformed farmland and/or subsidiaries. Any issuance
of equity securities could cause dilution for our shareholders. Any incurrence of additional indebtedness could increase our debt
service obligations and cause us to become subject to additional restrictive operating and financial covenants, and could require
that we pledge collateral to secure those borrowings, if permitted to do so. It is possible that, when we need additional cash
resources, financing will not be available to us in amounts or on terms that would be acceptable to us or at all.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif"><B>Projected Sources
and Uses of Cash</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We anticipate that we
will generate cash from the following sources:</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="width: 92%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">operating cash flow;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">debt financing;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the dispositions of transformed farmland and/or subsidiaries; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">debt or equity offerings.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt">We anticipate that we will use our cash:</TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="width: 92%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">for other working capital purposes;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 92%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to meet our budgeted capital expenditures. We expect to deploy approximately $180 million in 2015 and $90 million in 2016, for the expansion and maintenance of our operations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to make investment in new projects related to our business; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to refinance our current debts.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif"><B>Indebtedness
and Financial Instruments</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The table below illustrates
the maturity of our indebtedness (excluding obligations under finance leases) and our exposure to fixed and variable interest rates:</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 98%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 78%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>As
    of December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fixed rate:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less than 1 year(l)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">95,524</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">56,932</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between 1 and 2 years</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45,518</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">38,393</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between 2 and 3 years</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">41,685</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37,762</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between 3 and 4 years</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,809</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29,467</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between 4 and 5 years</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39,992</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,803</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">More than 5 years</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">87,219</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">75,745</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total fixed rate:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>335,747</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>266,102</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Variable rate:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less than 1 year(l)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">111,371</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">90,707</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between 1 and 2 years</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">130,426</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">107,392</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between 2 and 3 years</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">80,199</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100,949</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between 3 and 4 years</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,154</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54,212</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between 4 and 5 years</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,346</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,586</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">More than 5 years</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19,683</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,444</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total variable rate:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>362,179</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>393,290</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>697,926</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>659,392</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify; width: 96%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">The Company plans to partially rollover
    its short term debt using new available lines of credit, or on using operating cash flow to cancel such debt.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Borrowings incurred
by the Company&#146;s subsidiaries in Brazil are repayable at various dates between January 2015 and September 2024 and bear either
fixed interest rates ranging from 2.00% to 14.13% per annum or variable rates based on LIBOR or other specific base-rates plus
spreads ranging from 4.46% to 15.59% per annum. At December 31, 2014 LIBOR (six months) was 0.37% (2013: 0. 28%).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Borrowings incurred
by the Group&acute;s subsidiaries in Argentina are repayable at various dates between January 2015 and November 2019 and bear either
fixed interest rates ranging from 4.50% and 7.00% per annum for those borrowings denominated in US dollar, and fixed interest rates
ranging from 9,90% and 15,01% per annum for those borrowings denominated in Argentine pesos.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Brazilian Subsidiaries</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>The main loans of
the Company&#146;s Brazilian Subsidiaries identified below are:</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Adecoagro Vale
do Ivinhema: (&#147;AVI&#148;)</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="background-color: #ffffff">
    <TD STYLE="border-left: black 1pt solid; border-top: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Bank</B></FONT></TD>
    <TD STYLE="border-left: black 1pt solid; border-top: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Date</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Nominal
    amount</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-left: black 1pt solid; border-top: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Amount
    Outstanding as of December 31 2014</B></FONT></TD>
    <TD STYLE="border-left: black 1pt solid; border-top: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Maturity
    date</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Annual
    Interest Rate</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Use
    of proceeds</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 22%; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; width: 12%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    millions)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; width: 8%; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Millions
    of Reais</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Millions
    of equivalent Dollars</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; width: 11%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; width: 17%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; vertical-align: top; width: 12%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD></TR>
<TR STYLE="background-color: #ffffff">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rabobank / Ita&uacute; BBA / Santander / Ita&uacute; Unibanco / Bradesco / HSBC (Finem ANG) (1)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2008</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">R$ 151&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">62.8&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.6&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Partially Long-Term Interest Rate (TJLP), as by the Brazilian Central Bank + 4.05% and partially Interest Rate Resolution 635/87 (average BNDES external funding rate) + 4.05%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investments on Ang&eacute;lica Mill</FONT></TD></TR>
<TR STYLE="background-color: #ffffff">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Banco Do Brasil (2)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July&nbsp;&nbsp;2010</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;R$ 70&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">48.1&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18.1&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July 2020</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10% with 15% of bonus performance</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investments on Ang&eacute;lica Mill</FONT></TD></TR>
<TR STYLE="background-color: #ffffff">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BTG Pactual / HSBC / Votorantim / Rabobank (3)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 2012</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">R$. 230&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">76.7&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28.9&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2015</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CDI + 3.6%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Working Capital</FONT></TD></TR>
<TR STYLE="background-color: #ffffff">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Banco Do Brasil (4)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">October 2012</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">R$ 130&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">130.0&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">48.9&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 2022</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.94% per annum with 15% of bonus performance</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investments on Ivinhema Mill</FONT></TD></TR>
<TR STYLE="background-color: #ffffff">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Itau BBA (5)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2012</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">R$ 45.9&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">41.7&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15.7&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2022</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.50%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Working Capital</FONT></TD></TR>
<TR STYLE="background-color: #ffffff">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Itau BBA (6)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">R$ 75&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36.3&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.7&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2019</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CDI + 3.2%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Working Capital</FONT></TD></TR>
<TR STYLE="background-color: #ffffff">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ING / ABN /Bladex Loan (7)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July 2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">US$ 70&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28.0&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2016</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LIBOR 6M plus 4.5%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Working Capital</FONT></TD></TR>
<TR STYLE="background-color: #ffffff">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rabobank / Bradesco / HSBC / PGGM / Hinduja Bank (8)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;US$ 90&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">72.0&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July 2017</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LIBOR 3M plus 4.75%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Working Capital</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Banco do Brasil / Itaul BBA&nbsp;&nbsp;Finem Loan (9)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">R$ 273&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">253.6&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">95.5&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 23</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.69%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investments on Ivinhema Mill</FONT></TD></TR>
<TR STYLE="background-color: #ffffff">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BNDES Finem Loan (10)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">R$ 215&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">208.0&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">78.3&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 23</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.23%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investments on Ivinhema Mill</FONT></TD></TR>
<TR STYLE="background-color: #ffffff">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ING / Bradesco / HSBC / BES / ICBC / Hinduja Bank / Monte Dei Paschi / Banco da China / Bladex (11)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2014</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">US$ 100&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100.0&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2017</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LIBOR 3M plus 4.20%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Usina Monte Alegre</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-top: black 1pt solid; background-color: #ffffff; width: 22%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bradesco (12)</FONT></TD>
    <TD STYLE="border: black 1pt solid; background-color: #ffffff; width: 12%; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 2012</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-top: black 1pt solid; background-color: #ffffff; width: 9%; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">US$ 11.7&nbsp; </FONT></TD>
    <TD STYLE="border: black 1pt solid; background-color: #ffffff; width: 8%; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-top: black 1pt solid; background-color: #ffffff; width: 9%; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.8&nbsp; </FONT></TD>
    <TD STYLE="border: black 1pt solid; background-color: #ffffff; width: 12%; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2016</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-top: black 1pt solid; background-color: #ffffff; width: 16%; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.20%</FONT></TD>
    <TD STYLE="border: black 1pt solid; width: 12%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Working Capital</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="width: 96%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized
    by (i) a first degree mortgage of the Takuare farm; (ii) a pledge on the capital stock (&#147;quotas&#148;) of Adecoagro
    Brasil Participa&ccedil;&otilde;es S/A; and (iii) liens over the Ang&eacute;lica mill and equipment, all of which are property
    of Adecoagro Vale do Ivinhema.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i)
    a first degree mortgage of the Sap&aacute;lio farm, (ii) liens over the Ang&eacute;lica mill and equipment, all of which are
    property of Adecoagro Vale do Ivinhema.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i)
    a first-degree mortgage of the Dom Fabr&iacute;cio and Nossa Senhora Aparecida farms, (ii) pledge of sugarcane and (iii) sales
    contracts.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i)
    a first degree mortgage of the Carmen (Santa Agua) farm, (ii) a second degree mortgage of the Sap&aacute;lio farm, (iii) liens
    over the Ivinhema mill and equipment.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i)
    a first degree mortgage of the Carmen (Santa Agua) farm, (ii) a second degree mortgage of the Takuare farm,&nbsp;&nbsp;(iii)
    a second degree mortgage of the Sap&aacute;lio farm and (iv) liens over the Ivinhema mill and equipment.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(6)</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by power
    sales contract.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(7)</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i)
    pledge of sugarcane and (ii) sales contracts</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(8)</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i)
    pledge of sugarcane and (ii) sales contracts.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(9)</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i)
    a first degree mortgage of the Carmen (Santa Agua) farm, (ii) a second degree mortgage of the Takuare farm,&nbsp;&nbsp;(iii)
    a second degree mortgage of the Sap&aacute;lio farm and (iv) liens over the Ivinhema mill and equipment.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(10)</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i)
    liens over the Ivinhema mill and equipment, all of which are property of Adecoagro Vale do Ivinhema and (ii) power sales contracts.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(11)</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i)
    pledge of sugarcane and (ii) sales contracts.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(12)</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i)
    liens over the Monte Alegre mill and equipment, all of which are property of Usina Monte Alegre</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<B>Argentinian Subsidiaries</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>The principal loan
of Adeco Agropecuaria S.A. and Pilaga S.A., our Argentinian Subsidiaries is:</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; width: 92%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>IDB Facility</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The amended IDB Facility
is divided into a seven-year US$ 20 million tranche (&#147;Tranche A&#148;) and a five-year US$ 60 million tranche (&#147;Tranche
B&#148;) with a final maturity in November 2018 and 2016, respectively.&nbsp;&nbsp;Tranche A bore interest at fixed rate of 6.11%
per annum. Tranche B bears interest at 180-day LIBOR plus 4.45% per annum. The Company entered into a floating to fix interest
rate forward swap, fixing LIBOR at 1.25%, effective May 2012.&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Payment of principal
plus interest of both tranches are made on a bi-annual basis. The IDB Facility is collateralized by property, plant and equipment
with a net book value of US$ 24.77 million, by a mortgage over (i) Carmen and La Rosa farms which are property of Adeco Agropecuaria
S.A.; and (ii) El Meridiano farm which is the property of Pilag&aacute; S.A.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;The above-mentioned
loans of our Argentinian and Brazilian subsidiaries contain customary financial operating, and other restrictive covenants which
among other things require the borrower to (in certain circumstances) maintain specified financial ratios and limit our subsidiaries<B>&#146;
</B>ability to, among other things, incur debt or sell assets and pay dividends or make other distributions to us. The financial
covenants are measured in accordance with generally accepted accounting principles in Brazil or Argentina, as applicable.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During 2014 and 2013
our subsidiaries were in compliance with all financial covenants under the above-mentioned loans.</P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-left: 27pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Short-term
Debt</B>.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31,2014,
our short term debt totaled $207.2 million.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We maintain lines of
credit with several banks in order to finance our working capital requirements. We believe that we will continue to be able to
obtain additional credit to finance our working capital needs in the future based on our past track record and current market conditions.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><A NAME="a020v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>C.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 85%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">With regards to our
rice seed production, in our rice seed facility in Argentina, we are involved in the genetic development of new rice varieties
adapted to local conditions to increase rice productivity and quality to improve both farm production as well as the manufacturing
process. In connection with these efforts, we have entered into agreements with selected research and development institutions
such as INTA in Argentina, FLAR in Colombia, EPAGRI in Brazil and Basf in Germany. In addition, our own technical team is continuously
testing and developing new rice varieties. Since 2008 we have developed and released three new own varieties of rice seed to the
market, , and we are currently in the final stages of releasing the fourth We have registered our own rice seed varieties with
the corresponding Argentine authorities; the National Institute of Seeds (Instituto Nacional de Semillas) (INASE) and National
Registry of Property of Seed Varieties (Registro Nacional de la Propiedad de Cultivares) (RNPC). In February 2014 On february 7,
was released to the market, the new rice variety named IT&Aacute; CAAB&Oacute; 107</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We use both these seeds
at our farms and sell them to rice farmers in Argentina, Brazil, Uruguay and Paraguay. We are also developing, in collaboration
with BASF, a herbicide-tolerant rice variety to assist in the control of harmful weeds.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition to traditional
R&amp;D activities, since we are constantly looking to improve efficiencies in each of our businesses, we are also constantly researching
and analyzing all the available technologies that could be applied in our operations. In addition, we do not only select the best
technologies and techniques, but we are strongly involved in their adaptation to our specific needs and local circumstances. Our
internal research group is comprised of interdisciplinary teams (agronomists, veterinarians, industrial engineers, technicians,
finance and commercial). The group offers support to all business lines and through different levels, from the optimization of
current operations, evaluation of new technologies, development of new products, to the assessment of a whole new production system.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Regarding our Sugar
&amp; Ethanol business, we have effectively implemented state-of-the-art technologies such as high pressure boilers for high cogeneration
capacity, full mechanization of agricultural operations with online GPS tracking systems on all vehicles (trucks, combines, planters),
and concentrated Vinasse system among others (For more details see &#147;Sugar, Ethanol and Energy&#148; in &#147;Operations
and Principal Activities&#148; Section).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In the case of the Rice
segment and in addition to the seed production activities, we are developing Zero Grade Level technology in our farms (see &#147;Water
Management&#148; in &#147;Technology and Best Practices&#148; Section for more details).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">With regards to our
Dairy segment in Argentina, we have successfully adapted and implemented the Free Stall model in our operations. Additionally,
we have invested in technology to improve the genetics, health and feeding techniques of our cows in order to enhance our milk
production (See more details in &#147;Dairy Business&#148; in &#147;Operations and Principal Activities&#148; Section).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We do not own any registered
patents, industrial models or designs, apart from those described in the first paragraph of this section.&nbsp;&nbsp;&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><A NAME="a021v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>D.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 85%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TREND INFORMATION</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">See &#147;Item 5. Operating
and Financial Review and Prospects&mdash;A. Operating Results&mdash;Trends and Factors Affecting Our Results of Operations.&#148;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><A NAME="a022v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>E.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 85%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>OFF-BALANCE SHEET ARRANGEMENTS</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For any of the periods
presented, we did not have any off-balance sheet transactions, arrangements or obligations with unconsolidated entities or otherwise
that are reasonably likely to have a material effect on our financial condition, results of operations or liquidity.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="text-align: justify; margin: 0pt 0"></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><A NAME="a023v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>F.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 85%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
summarizes our significant contractual obligations and commitments as of December 31, 2014:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Less
    than 1 year</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Between</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>1 and 2 years</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Between
                                         2</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>and 5 years</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Over</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>5 Years</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="text-align: center; text-indent: 18pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(in
    million of $)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bank loans (1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">208,6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">118,6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">227,9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">53,9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">608,9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leases</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19,7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,4</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">44,3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: 18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>228,3</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>127,3</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>240,3</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>57,4</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>653,2</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Includes interest.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><A NAME="a024v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>G.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 85%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SAFE HARBOR</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">See section entitled &#147;Forward-Looking Statements&#148; appearing on page iv in this annual report.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 6.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 90%"><A NAME="a025v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Directors, Senior Management and Employees</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>A.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 85%"><A NAME="a026v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DIRECTORS AND SENIOR MANAGEMENT</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Board of Directors</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
sets forth information for our directors as of the date of this annual report:</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: left"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">Name</FONT></P></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: left"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">Position</FONT></P></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%; text-align: left"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">Date of</FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">appointment</FONT></P></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; text-align: left"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">Age</FONT></P></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: left"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">Year term</FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">expires</FONT></P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Abbas Farouq Zuaiter</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chairman</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">47</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2018</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mariano Bosch</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director /CEO</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alan Leland Boyce</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">55</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Andr&eacute;s Velasco Bra&ntilde;es</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Daniel Gonz&aacute;lez</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dwight Anderson</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">48</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Guillaume Van der Linden</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">55</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2018</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Marcelo S&aacute;nchez</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">53</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mark Schachter</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2018</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">MarceloVieira</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">63</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pl&iacute;nio Musetti</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">61</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2017</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Abbas Farouq Zuaiter,
Alan Leland Boyce, Guillaume van der Linden, Pl&iacute;nio Musetti, Mark Schachter, Andr&eacute;s Velasco Bra&ntilde;es, Daniel
Gonz&aacute;lez and Dwight Anderson qualify as independent directors, and the other directors are not independent in accordance
with the SEC rules.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A description of the
main tasks currently performed by each director as well as a description of each director&#146;s employment history and education
follows:</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Abbas (&#147;Eddy&#148;)
Farouq Zuaiter. </I>Mr. Zuaiter has been a member of the Company&#146;s board of directors since 2003. Mr. Zuaiter was formerly
the Chief Operating Officer and member of the Management committee of Soros Fund Management LLC (SFM) and since April 1, 2013,
has served as a consultant to SFM. Prior to his joining Soros Fund Management LLC in October 2002, Mr. Zuaiter was an Assurance
and Business Advisory Partner at PricewaterhouseCoopers LLP where he was employed from April 1994 to September 2002, and Chief
Financial Officer and Head of Fixed Income, Currency and Commodity Trading at AFN Associates, Inc in David, California from September
1991 until March 1994. Mr. Zuaiter currently serves on the boards of Gavilon Holdings LLC, an Omaha, Nebraska based private company
providing physical distribution, merchandising and trading across grains, feed ingredients, fertilizers and energy products. He
is also currently a member of the board of directors of several charitable organizations or non-profit entities. Mr. Zuaiter received
his BSBA in Accounting and Finance from Georgetown University in May 1989. Mr. Zuaiter is an American citizen.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Mariano Bosch. </I>Mr.
Bosch is a co-founder of Adecoagro and has been the Chief Executive Officer and a member of the Company&#146;s board of directors
since inception. From 1995 to 2002, Mr. Bosch served as the founder and Chief Executive Officer of BLS Agribusiness, an agricultural
consulting, technical management and administration company. Mr. Bosch is also currently a member of the advisory board of Teays
River Investments LLC, a farmland investment management firm in North America. Mr. Bosch has over 20 years of experience in agribusiness
development and agricultural production. He actively participates in organizations focused on promoting the use of best practices
in the sector, such as the Argentine Association of Regional Consortiums for Agricultural Experimentation (AACREA) and the Conservational
Production Foundation (Producir Conservando). He graduated with a degree in Agricultural Engineering from the University of Buenos
Aires. Mr. Bosch is an Argentine citizen.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Alan Leland Boyce.
</I>Mr. Boyce is a co-founder of Adecoagro and has been a member of the Company&#146;s board of directors since 2002. Mr. Boyce
is co-founder and Chairman of Materra LLC, a diversified farming company based in California and Arizona.&nbsp;&nbsp;Mr Boyce is
CEO of Westlands Solar Farms, LLC, a developer of utility scale solar PV projects in California. Since 1985, Mr. Boyce has served
as the Chief Financial Officer of Boyce Land Co. Inc., a farmland management company that runs 10 farmland limited partnerships
in the U.S. Mr. Boyce formerly served as the director of special situations at Soros from 1999 to 2007, where he managed an asset
portfolio of the Quantum Fund and had principal operational responsibilities for the bulk of the fund&#146;s investments in South
America. Mr. Boyce also served as managing director in charge of fixed-income arbitrage at Bankers Trust from 1986 to 1999, as
senior managing director for investment strategy at Countrywide Financial from 2007 to 2008, and worked at the U.S. Federal Reserve
Board from 1982 to 1984. He graduated with a degree in Economics from Pomona College, and has a Masters in Business Administration
from Stanford University. Mr. Boyce is an American citizen.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Andres Velasco Bra&ntilde;es.
</I>Mr. Velasco has been a member of the Company&#146;s board of directors since 2011. Mr. Velasco was the Minister of Finance
of Chile between March 2006 and March 2010, and was also the president of the Latin American and Caribbean Economic Association
from 2005 to 2007. Prior to entering the government sector, Mr. Velasco was Sumitomo-FASID Professor of Development and International
Finance at Harvard University&#146;s John F. Kennedy School of Government, an appointment he had held since 2000. From 1993 to
2000, he was Assistant and then Associate Professor of Economics and the director of the Center for Latin American and Caribbean
Studies at New York University. During 1988 to 1989, he was Assistant Professor at Columbia University. Currently Mr. Velasco serves
as Adjunct Professor of Public Policy at Harvard University, and a Tinker Visiting Professor at Columbia University. He also performs
consulting services on various economic matters rendering economic advice to an array of clients, including certain of our shareholders.
Mr. Velasco holds a Ph.D. in economics from Columbia University and was a postdoctoral fellow in political economy at Harvard University
and the Massachusetts Institute of Technology. He received an B.A. in economics and philosophy and an M.A. in international relations
from Yale University. Mr. Velasco is a Chilean citizen.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Daniel C. Gonzalez.
</I>Mr. Gonzalez has been a member of the Company&#146;s board of directions since April -, 2014. Mr. Gonzalez holds a degree
in Business Administration from the Argentine Catholic University. He served for 14 years in the investment bank Merrill Lynch
&amp; Co in Buenos Aires and New York, holding the positions of Head of Mergers and Acquisitions for Latin America and President
for the Southern Cone (Argentina, Chile, Peru and Uruguay), among others. While at Merrill Lynch, Mr. Gonzalez played a leading
role in several of the most important investment banking transactions in the region and was an active member of the firm&#146;s
global fairness opinion committee. He remained as a consultant to Bank of America Merrill Lynch after his departure from the bank.
Previously, he was Head of Financial Planning and Investor Relations in Transportadora de Gas del Sur SA. Mr. Gonzalez is currently
the Chief Financial Officer of YPF Sociedad An&oacute;nima, where he is also a member of its Board of Directors. Mr Gonzalez is
also a member of the Board of Directors of Hidroel&eacute;ctrica Piedra del Aguila S.A. Mr. Gonz&aacute;lez is an Argentine citizen.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Dwight Anderson.
</I>Mr. Anderson has been a member of the Company&#146;s board of directions since April -, 2014. Mr. Anderson is the Managing
Partner of Ospraie Management LLC, which actively invests commodity markets and basic industries worldwide based on fundamental,
bottom-up research. Mr. Anderson currently serves as Portfolio Manager of two absolute return hedge funds at Ospraie and Co-Portfolio
Manager of the Firm&#146;s Private Equity fund. Mr. Anderson has been focused on investing in basic industry companies and commodity
markets for nearly 20 years. He launched Ospraie in 1999 in partnership with Tudor Investment Corporation, where he served as Head
of the Basic Industries Group, before establishing Ospraie Management, LLC as an independent firm in 2004. Prior to joining Tudor,
Mr. Anderson was a Managing Director in charge of Basic Industries and Commodities Group at Tiger Management. Mr. Anderson holds
an MBA from the University of North Carolina and an AB in History from Princeton University. The University of North Carolina awarded
Mr. Anderson with its Kenan-Flagler Young Alumni Award 2000 and its MBA Alumni Merit Award in 2007. In 2008, Mr. Anderson was inducted
by NYU into Sir Harold Acton Society. Mr. Anderson is certified in production and inventory management by the APICS. Mr. Anderson
serves on the Board of Trustees of NYU Langone Medical Center and UNC Kenan Flagler Business School. Mr. Anderson is an American
citizen.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Guillaume van der
Linden</I>&nbsp;Mr. van der Linden has been a member of the Company&#146;s board of directors since 2009. Since 2007, Mr. van
der Linden has been Head of Investment Management at PGGM Vermogensbeheer B.V., responsible for investments in emerging markets
credit. From 1993 to 2007, Mr. van der Linden worked for ING Bank in various roles, including in risk management and derivatives
trading. From 1988 to 1993, Mr. van der Linden was employed as a management consultant for KPMG and from 1985 to 1988 as a corporate
finance analyst for Bank Mees &amp; Hope. Mr. van der Linden graduated with Masters degrees in Economics from Erasmus University
Rotterdam and a Masters of Business Administration from the University of Rochester. Mr. van der Linden is a Dutch citizen.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Walter Marcelo Sanchez.
</I>Mr. Sanchez&nbsp; has been a member of the Company&acute;s board of directions since April -, 2014. Mr. Sanchez is a co-founder
of Adecoagro and our Chief Commercial Officer for all operations in Argentina, Brazil and Uruguay and a member of Adecoagro&#146;s
Senior Management since 2002. He coordinates the Commercial Committee and is responsible for the trading of all commodities produced
by Adecoagro. Mr. Sanchez has over 25 years of experience in agricultural business trading and market development. Before joining
us, he was the head of the business development department at Agroexpress.com S.A., an agriculture e-business marketplace. He has
extensive international commercial expertise including marketing beef products for companies such as SAMPCO Inc. (Chicago, Illinois)
and MAREDO restaurant chain in Germany. &nbsp;Mr. Sanchez also worked as commercial director at Distribuidora Chinquihue S.A. (Chilean
fish and shellfish trading company), Frigolomas S.A. &nbsp;(beef processing company) and Fleimar S.A. (beef trading) . Mr. Sanchez
also had commercial responsibilities at Nutryte S.A. and Estancias y Cabana Las Lilas S.A. (formerly COMEGA S.A.), an Argentine
farmland agribusiness company. Mr. Sanchez graduated from Universidad Nacional de Mar del Plata with a degree in Agricultural Engineering.
Mr. S&aacute;nchez is an Argentine citizen.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Mark Schachter. </I>Mr.
Schachter has been a member of the Company&#146;s board of directors since 2009. Mr. Schachter has been a Managing Partner of
Elm Park Capital Management since 2010. From 2004 to 2010, he was a Portfolio Manager with HBK Capital Management where he was
responsible for the firm&#146;s North American private credit activities. His responsibilities included corporate credit investments
with a primary focus on middle-market lending and other special situation investment opportunities. From 2003 to 2004, Mr. Schachter
worked for American Capital, a middle-market private equity and mezzanine firm and worked in the investment banking division of
Credit Suisse Group from 2001 to 2003. Mr. Schachter received a degree in Business Administration from the Ivey Business School
at the University of Western Ontario and completed the Program for Leadership Development at Harvard Business School. Mr. Schachter
is a Canadian citizen and has permanent American residence.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Marcelo Vieira. </I>Mr.
Vieira was the Director of Ethanol, sugar &amp; energy operations at Adecoagro, a leading agro industrial company producing grain,
oilseeds and dairy products in Argentina and sugar, ethanol, coffee and cotton in Brazil, from 2005 to 2014. He is currently a
member of the Board of Uni&auml;o da Industria de Cana-de-Acucar (&Uacute;NICA) and he is a Vice- President of Sociedade Rural
Brasileira, coordinating its Sustainability area. He has managed agricultural and agribusiness companies for over 40 years, including
at Usina Monte Alegre, Alfenas Agr&iacute;cola, Alfenas Caf&eacute;. Mr. Vieira holds a degree in Mechanical Engineering from PUC
University in Rio de Janeiro and graduate degree in Food Industry Management and Marketing from the University of London&#146;s
Imperial College.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Pl&iacute;nio Musetti.</I>&nbsp;Mr.
Musetti has been a member of the Company&#146;s board of directors since 2011 and an observer since 2010. Mr. Musetti is a Managing
Partner of Janos Holding responsible for long term equity investments for family offices in Brazil, following his role as Partner
of Pragma Patrimonio, since June 2010. From 2008 to 2009, Mr. Musetti served as the Chief Executive Officer of Satipel Industrial
S.A., leading the company&#146;s initial public offering process and aiding its expansion plan and merger with Duratex S.A. From
1992 to 2002, Mr. Musetti served as the Chief Executive Officer of Elevadores Atlas, during which time he led the company&#146;s
operational restructuring, initial public offering process and the sale to the Schindler Group. From 2002 to 2008, Mr. Musetti
served as a partner at JP Morgan Partners and Chief Executive Officer of Vitopel S.A. (JP Morgan Partners&#146; portfolio company)
where he led its private equity investments in Latin America. Mr. Musetti has also served as a Director of Diagn&oacute;sticos
de America S.A. from 2002 to 2009. In addition, Mr. Musetti is currently serving as a Board member of Elevadores Atlas S.A., Portobello
S.A., RaiaDrogasil S.A. and Natura Cosmeticos S.A.&nbsp;&nbsp;Mr. Musetti graduated in Civil
Engineering and Business Administration from Mackenzie University and attended the Program for Management Development at Harvard
Business School in 1989. Mr. Musetti is a Brazilian citizen.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Executive Officers</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
shows certain information with respect to our senior management as of the date of this annual report:&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom-width: 4px; width: 44%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom-width: 4px; width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom-width: 4px; width: 38%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom-width: 4px; width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom-width: 4px; width: 9%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom-width: 4px; width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom-width: 4px; width: 6%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Name<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></B></FONT></P></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Position</B></FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Designated<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></B></FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Age<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mariano Bosch</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Executive Officer &amp; Co-founder</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2002</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Carlos A. Boero Hughes</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2008</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">49</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Emilio F. Gnecco</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Legal Officer</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2005</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Walter Marcelo Sanchez</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Commercial Officer &amp; Co-founder</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2002</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">53</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Renato Junqueira Santos Pereira</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director of Sugar and Ethanol Operations</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">38</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mario Jos&eacute; Ram&oacute;n Imbrosciano</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director of Business Development</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2003</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leonardo Berridi</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Country Manager for Brazil</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2004</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">55</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ezequiel Garbers</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Country Manager for ARG/URU &amp; Co-founder</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2004</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">48</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif"><I>Mariano
Bosch. </I>See &#147;&mdash;Board of Directors.&#148;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Carlos A. Boero Hughes.
</I>Mr. Boero Hughes is our Chief Financial Officer, covering the company&#146;s operations in Argentina, Brazil and Uruguay,
and a member of Adecoagro&#146;s Senior Management since 2008. He began working at Adecoagro in August 2008 overseeing our finance
and administrative departments. Mr. Boero Hughes has over 20 years of experience in agricultural business and financial markets.
Prior to joining us, he was Chief Financial Officer for South America and Co-Chief Executive Officer for Noble Group LTD operations
in Argentina, Uruguay and Paraguay from October 2006 to July 2008. From 2003 to 2006, he worked at Noble Group LTD as Financial
Director for Argentina and Structure Finance Manager for South America. He worked at Citibank N.A. from 1997 to 2003 as Relationship
and Product Manager, focused in the agribusiness industry, and at Banco Privado de Inversiones S.A. as Relationship Manager. He
also worked for six years at Carlos Romano Boero S.A.I.C., a flour and dairy cow feed mill family company, as Commercial Manager,
Local Grain Elevator and Nursery Manager and finally as General Manager. Mr. Boero Hughes holds a degree in Business Administration
from the University of Buenos Aires and a Masters in Business Administration from the Argentine Catholic University.&nbsp;He also
graduated from INSEAD&#146;s Executive Program in 2007.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Emilio Federico Gnecco.
</I>Mr. Gnecco is our Chief Legal Officer for all operations in Argentina, Brazil and Uruguay and a member of Adecoagro&#146;s
Senior Management since 2005. He is responsible for all legal and corporate matters and compliance. Before joining us, he was a
corporate law associate at the law firm of Marval, O&#146;Farrell &amp; Mairal for more than 8 years, where he specialized in
mergers and acquisitions, project financing, structured finance, corporate financing, private equity, joint ventures and corporate
law and business contracts in general. Mr. Gnecco was in charge of Adecoagro&#146;s corporate matters including mergers and acquisitions
since our inception in 2002. Prior to that, he worked at the National Civil Court of Appeals of the City of Buenos Aires for four
years. Mr. Gnecco has a law degree from the University of Buenos Aires, where he graduated with honors.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif"><I>Walter Marcelo
Sanchez. </I>See &#147;&mdash;Board of Directors.&#148;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Renato Junqueira
Santos Pereira. </I>Renato Junqueira Santos Pereira is the Director of our Sugar, Ethanol &amp; Energy business and has been a
member of the senior management team since 2014. He began working at Adecoagro in 2010 as the Operations Manager for our Sugar,
Ethanol &amp; Energy business and has vast experience in the Brazilian sugarcane industry. Before joining Adecoagro, he served
as the CFO of Moema Group, one of the largest sugarcane clusters in Brazil. His main responsibilities at Moema included designing
the optimal capital structure to finance the construction of five greenfield mills, preparing the company for an IPO and coordinating
the M&amp;A process which culminated in a $1.5 billion dollar sale to Bunge Ltda. Previously, Mr. Pereira held responsibilities
as Mill Director and Agricultural Manager in Moema&#146;s mills. He is an Agricultural Engineer from Universidade de Sao Paulo
and holds an MBA from the University of California, Davis.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="text-align: justify; margin: 0pt 0"></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Mario Jos&eacute;
Ram&oacute;n Imbrosciano. </I>Mr. Imbrosciano is the head of our Business Development Department for all operations in Argentina,
Brazil and Uruguay where he oversees all new business initiatives, and a member of Adecoagro&#146;s Senior Management since 2003.
He has over 17 years of experience in farm management and agriculture production. Prior to joining Adecoagro, Mr. Imbrosciano was
the Chief Operating Officer of Beraza Hnos. S.C., a farming company that owns farms in the humid pampas region of Argentina. He
was in charge of production, commercialization and logistics for a 60,000 hectare operation. Mr. Imbrosciano has also worked as
a private consultant for various clients. Mr. Imbrosciano received a degree in Agricultural Production Engineering from the Argentine
Catholic University and holds a Masters in Business Administration from the Instituto de Altos Estudios of the Austral University.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Leonardo Ra&uacute;l
Berridi. </I>Mr. Berridi is our Country Manager for Brazil and, prior to the Reorganization, had been Adecoagro&#146;s Country
Manager for Brazil since the beginning of its operations in Brazil and a member of Adecoagro&#146;s Senior Management since 2004.
He coordinates all of our operations and human resources development activities in Brazil. Mr. Berridi has over 27 years of international
experience in agricultural business. Prior to joining us, Mr. Berridi was Vice President of Pago Viejo S.A., a company dedicated
to agriculture production and dairy farming in the western part of the province of Buenos Aires, Argentina. He also worked for
Trans-Continental Tobacco Corporation as Chief Operating Officer of Epasa (Exportadora de Productos Agrarios S.A.), a company dedicated
to producing, processing and exporting tobacco in the north east and north west of Argentina, and Production Manager of World Wide
Tobacco Espa&ntilde;a S.A. in the Caceres and Zamora provinces in Spain. Mr. Berridi holds a degree in Forestry Engineering from
the Universidad Nacional de La Plata.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Ezequiel Garbers.
</I>Mr. Garbers is the Country Manager for Argentina and Uruguay and a member of Adecoagro&#146;s Senior Management and the Country
Manager since 2002. He coordinates all of our production and human resources development activities in Argentina and Uruguay. Mr.
Garbers has over 20 years of experience in agriculture production. Prior to joining Adecoagro, he was the Chief Operating Officer
of an agricultural consulting and investment company he co-founded, developing projects both within and outside of Argentina, related
to crop production and the cattle and dairy business. Mr. Garbers holds a degree in Agronomic Engineering from the University of
Buenos Aires and a Masters in Business Administration from the Instituto de Altos Estudios of the Austral University.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our managers supervise
our day-to-day transactions so as to ensure that all of our general strategic objectives are carried out, and they report to our
board of directors.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>B.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 85%"><A NAME="a027v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>COMPENSATION</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Compensation of Directors
and Executive Officers</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The compensation of
the Company&#146;s directors is approved annually at the ordinary general shareholders&#146; meeting. The aggregate compensation
earned by our directors amounted to a grant of up to a total of 46,400 restricted stock units for the year 2015 and $430 thousand
in cash for year 2015. These figures do not include Mr. Dwight Anderson&acute;s compensation in cash, which he declinedor Mr. Mariano
Bosch&#146;s, Mr. Walter Marcelo Sanchez&acute;s and Mr. Marcelo Vieira&acute;s compensation in cash and in restricted units,
which they all declined. On November 18, 2014, a Brazilian subsidiary of the company executed an Advisory Service Agreement with
an affiliate of Marcelo Vieira, one of our directors. See Item 7 &ndash; Major Shareholders and Related Party Transactions &ndash;
B. Related Party Transactions.&#148;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The aggregate compensation
package of our executive officers for year 2014 amounted to $2,546,000 in cash and 337,239 restricted stock units granted to our
senior management. These grants were made under the&nbsp;Adecoagro Amended and Restated Restricted Share and Restricted Stock Unit
Plan, as amended. See &#147;&mdash;E. Share Ownership&mdash;Share Options and Restricted Share and Restricted Stock Unit Plan.&#148;Annual
cash bonuses are designed to incentivize our named executive officers at a variable level of compensation based on such individual&#146;s
performance. Annual executive cash bonuses and stock unit awards are impacted by seniority and individual executive performance
based on the achievement of individual objectives and by evaluating each executive&#146;s level of proficiency in the following
competencies: general characteristics, teamwork, professional competencies, problem solving and thinking skills and managerial
skills. In the past, actual bonus amounts have been determined shortly after fiscal year end. Our Chief Executive Officer presents
the final calculation of the annual cash bonuses for our named executives to the Compensation Committee of the board of directors.
The Compensation Committee then reviews actual Company and individual performance, and determines the amount payable consistent
with the attainment of such individual&#146;s performance based on the above criteria.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We do not pay or set
aside any amounts for pension, retirement or other similar benefits for our officers and directors.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>C.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 85%"><A NAME="a028v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>BOARD PRACTICES</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Pursuant to our articles
of incorporation, the board of directors must be composed of between three and eleven members. The number of directors is determined
and the directors are appointed at the general meeting of shareholders (except in case of a vacancy in the office of a director
because of death, retirement, resignation, dismissal, removal or otherwise, the remaining directors may fill such vacancy and appoint
a successor in accordance with applicable Luxembourg law).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Currently, the board
of directors has eleven members. The directors are appointed by the general meeting of shareholders for a period of up to three
years; provided, however, the directors shall be elected on a staggered basis, with one-third of the directors being elected each
year and provided further that such three year term may be exceeded by a period up to the annual general meeting held following
the third anniversary of the appointment. Directors may be removed with or without cause (<I>ad nutum</I>) by the general meeting
of shareholders by a simple majority of votes cast at a general meeting of shareholders. The directors are eligible for re-election
indefinitely.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">There are no agreements
with majority shareholders, customers, suppliers or others governing the selection of any of the directors or members of senior
management. None of our non-executive directors has a service contract with us that provides for benefits upon termination of employment.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The board of directors
is empowered to manage Adecoagro and carry out our operations. The board of directors is vested with the broadest powers to manage
the business of the Company and to authorize and/or perform all acts of disposal, management and administration falling within
the purposes of Adecoagro and all powers not expressly reserved by Luxembourg law or by our articles of incorporation to the general
meeting of shareholders is within the competence of the board of directors.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Accordingly, within
the limitations established by Luxembourg law and in particular the Luxembourg law of August 10, 1915 on commercial companies (as
amended) and our articles of incorporation, the board of directors can take any action (by resolution or otherwise) it deems necessary,
appropriate, convenient or fit to implement the purpose of the Company, including without limitation:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-align: justify; width: 88%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">execute any acts or contracts on our behalf aimed at fulfilling our corporate purpose, including those for which a special power of attorney is required;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-align: justify; width: 88%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">carry out any transactions;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 88%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="text-align: justify; width: 88%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">agree, establish, authorize and regulate our operations, services and expenses;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD>
    <TD STYLE="text-align: justify; width: 88%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">delegate special tasks to directors, regulate the formation and operation of committees and fix the remuneration and compensation of expenses of advisors and/or staff with special duties, with a charge to overhead;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">e.</FONT></TD>
    <TD STYLE="text-align: justify; width: 88%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">appoint, suspend or remove agents or employees, establish their duties, remuneration, and bonuses and grant them the powers that it deems advisable;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">f.</FONT></TD>
    <TD STYLE="text-align: justify; width: 88%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">grant signature authorization to directors and officers, grant general or special powers of attorney, including those to prosecute;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">g.</FONT></TD>
    <TD STYLE="text-align: justify; width: 88%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">call regular and special shareholders&#146; meetings and establish agendas, submit for the shareholders&#146; approval our inventory, annual report, balance sheet, statement of income and exhibits, propose depreciation, amortization and reserves that it deems advisable, establish the amount of gains and losses, propose the distribution of earnings and submit all this to the shareholders&#146; meeting for consideration and resolution;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">h.</FONT></TD>
    <TD STYLE="text-align: justify; width: 88%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">fix the date for the payment of dividends established by the shareholders&#146; meeting and make their payment; and</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">i.</FONT></TD>
    <TD STYLE="text-align: justify; width: 88%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">make decisions relating to the issuance, subscription or payment of shares pursuant to our articles of incorporation and decision of the regular or special shareholders&#146; meetings.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of the date of this
annual report, the board of directors has the following four committees: Audit Committee, Compensation Committee, Risk and Commercial
Committee and Strategy Committee. On May 13, 2011, the former Risk and Strategy Committee split into the current Risk and Commercial
Committee and the Strategy Committee.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 93%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Audit Committee</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Company&#146;s
articles of incorporation provide that the board of directors may set up an audit committee. The board of directors has set up
an Audit Committee composed by independent directors and has appointed, pursuant to board resolutions dated April 16, 2014, Mr.
Pl&iacute;nio Musetti (Chairman), Mr. Mark Schachter, Mr. Daniel Gonz&aacute;lez and Mr. Andr&eacute;s Velasco Bra&ntilde;es, as
members of its audit committee.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Company&#146;s
articles of incorporation provide that the audit committee shall (a) assist the board of directors in fulfilling its oversight
responsibilities relating to the integrity of the Company&#146;s financial statements, including periodically reporting to the
board of directors on its activity and the adequacy of the Company&#146;s systems of internal controls over financial reporting;
(b) make recommendations for the appointment, compensation, retention and oversight of, and consider the independence of, the Company&#146;s
external auditors; (c) review material transactions (as defined in the articles) between the Company or its subsidiaries with related
parties (other than transactions that were reviewed and approved by the independent members of the board of directors as defined
in the articles of the Company) or other governing body of any subsidiary of the Company or through any other procedures as the
board of directors may deem substantially equivalent to the foregoing) to determine whether their terms are consistent with market
conditions or are otherwise fair to the Company and its subsidiaries; and (d) perform such other duties imposed on it by the laws
and regulations of the regulated market(s) on which the shares of the Company are listed, applicable to the Company, as well as
any other duties entrusted to it by the board of directors.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition, the charter
of the audit committee sets forth, among other things, the audit committee&#146;s purpose and responsibilities.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Compensation Committee</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Company has a Compensation
Committee that reviews and approves the compensation and benefits of the executive officers and other key employees, and makes
recommendations to the board of directors regarding principles for compensation, performance evaluation, and retention strategies.
It is responsible for administering our share option plans and our restricted share and restricted stock unit plan for executive
officers and other key employees. See &#147;&mdash;E. Share Ownership&mdash;Share Options and Restricted Share and Restricted
Stock Unit Plan.&#148; The committee has the discretion to interpret and amend the Plan, and delegate to the Chief Executive Officer
the right to award equity-based compensation to executive officers and other key employees. The committee meets at least once a
year and as needed on the initiative of the Chief Executive Officer or at the request of one of its members. The members of the
Compensation Committee, appointed pursuant to board resolutions dated April 16, 2014, are Mr. Guillaume van der Linden (Chairman),
Mr. Abbas Farouq Zuaiter and Mr. Daniel Gonz&aacute;lez.</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Risk and Commercial Committee</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Company has a Risk
and Commercial Committee that has the duty to (i) make such inquiries as are necessary or advisable to understand and evaluate
material business risks and risk management processes as they evolve from time to time; (ii) review with the board of directors
and management the guidelines and policies to govern the process for assessing and managing risks; (iii) discuss and review with
the board of directors management&#146;s efforts to evaluate and manage the Company&#146;s business from a risk perspective;
(iv) request input from the board of directors, management and operating staff, as well as from outside resources, as it may deem
necessary; (v) discuss with the board of directors and management which elements of enterprise risk are most significant, the prioritization
of business risks, and make recommendations as to resource allocation for risk management and risk mitigation strategies and activities;
and (vi) oversee the development of plans for risk mitigation in any area which it deems to be a material risk to the Company;
and monitor management&#146;s implementation of such plans, and the effectiveness generally of its risk mitigation strategies
and activities.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The committee meets
at least four times a year and as often as deemed necessary or appropriate in its judgment. The members of the Risk and Commercial
Committee appointed by the board meeting held on November 7, 2014 are Mr. Alan Leland Boyce (Chairman), Mr. Dwight Anderson, Mr.
Marcelo Vieira and Mr. Andr&eacute;s Velasco Bra&ntilde;es.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Strategy Committee</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Company&#146;s
Strategy Committee has the duty to: (i) discuss and review with the board management&#146;s identification and setting of strategic
goals; including potential acquisitions, joint ventures and strategic alliances and dispositions; (ii) make recommendations to
the board of directors as to the means of pursuing strategic goals; and (iii) review with the board management&#146;s progress
in implementing its strategic decisions and suggest appropriate modifications to reflect changes in market and business conditions.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The committee meets
at least four times a year and as often as deemed necessary or appropriate in its judgment. The members of Strategy Committee appointed
by the board meetings held on May 13, 2011 and November 11, 2011 are Mr. Abbas Farouq Zuaiter (Chairman), Guillaume van der Linden
and Mr. Pl&iacute;nio Musetti.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>D.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 85%"><A NAME="a029v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EMPLOYEES</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Employees</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On December 31, 2014,
we had 8,109&nbsp;&nbsp;employees, of whom 95% were unionized. Approximately 5% of our workforce is comprised of temporary workers.
We comply with all labor laws. Historically, we have had a positive relationship with the trade unions.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
sets forth our number of employees by each of our business segments:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 67%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>As
    of December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Farming and Land Transformation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,166</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,224</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,472</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar , Ethanol and Energy</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,182</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,504</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,832</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Administrative</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">761</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">766</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">747</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8,109</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7,494</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7,051</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We do not have any severance
agreements with our senior executive directors and managers.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Benefits</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The benefits granted
to our employees follow the market standard, including health plans and Spanish and English language lessons. In some cases, depending
on the working location, we also provide meal, transportation, parking or financial aid for junior employees who are still in college.
For senior management, we also provide vehicles.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 4%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>E.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 88%"><A NAME="a030v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SHARE OWNERSHIP</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Share Ownership</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The total number of
shares of the Company beneficially owned by our directors and executive officers, as of the date of this annual report, was 6,057,081,
which represents 4.89% of the total shares of the company. See table in &#147;Item 7. Major Shareholders and Related Party Transactions&#148;
for information regarding share ownership by our directors and executive officers.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Share Options and Restricted
Share and Restricted Stock Unit Plan</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Adecoagro/IFH 2004
Stock Incentive Option Plan and Adecoagro/IFH 2007/2008</I></B> <B><I>Equity Incentive Plan</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Company maintains
the Adecoagro/IFH 2004 Incentive Option Plan (formerly, the International Farmland Holdings, LLC 2004 Incentive Option Plan, and
referred to herein as the &#147;2004 Plan&#148;) and the Adecoagro/IFH 2007/2008 Equity Incentive Plan (formerly, the International
Farmland Holdings, LLC 2007/2008 Equity Incentive Plan, and referred to herein as the &#147;2007/2008 Plan&#148;). The 2004 Plan
and the 2007/2008 Plan are collectively referred to herein as the &#147;Option Plans.&#148; Initially, the Option Plans provided
for the grant of options to purchase ordinary units of IFH. In connection with the Reorganization, the Option Plans were amended
and restated to provide for the grant of options to purchase ordinary shares of the Company, and all then-outstanding options to
purchase IFH ordinary units were converted into options to purchase the Company&#146;s ordinary shares.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The number of ordinary
shares reserved and available for issuance under the 2004 Plan and the 2007/2008 Plan are 1,600,747 and 1,396,224, respectively.
Shares subject to awards that become forfeited, cancelled, expired, withheld upon exercise, reacquired by the Company prior to
vesting or otherwise terminated will again be available for future awards under the Option Plans.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Administration
and Eligibility</U></I></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Option Plans are
administered by the Compensation Committee of the Company&#146;s board of directors (the &#147;Committee&#148;). The Committee
has general authority to, among other things, select individuals for participation, determine the time and amount of grants, and
interpret the plans and awards. The Committee determines the vesting requirements of the awards. The Option Plans require that
the exercise price of any future grants shall be no less than the greater of the fair market value of our ordinary shares on the
date of grant and the par value per ordinary share.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Individuals eligible
to receive options under the 2004 Plan include officers and employees, and under the 2007/2008 Plan include officers, employees,
directors, prospective employees and consultants.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Amendment and Termination</U></I></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The board of directors
may amend or terminate the Option Plans in its discretion, and the Committee may amend any outstanding options in its discretion,
except participant consent will be needed if a participant&#146;s rights are adversely affected. If not previously terminated
by the board of directors, the Option Plans will terminate on the 10th anniversary of its adoption. Each of the 2004 Plan and
the 2007/2008 Plan was amended to extend the term to 20<SUP>th</SUP> anniversary of its adoption.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Granted Options</U></I></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Under the 2004 Plan,
as of December 31, 2014, options to purchase 2,061,027&nbsp;&nbsp;ordinary shares were granted and the weighted average exercise
price of all granted options was $6.67. Under the 2007/2008 Plan, as of the same date, options to purchase 1,751,153 ordinary shares
were granted, and the weighted average exercise price of all granted options was $13.07.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Outstanding options
under the 2004 Plan generally vest in three equal installments on the first three anniversaries of the date of grant, and options
under the 2007/2008 Plan generally vest in four equal installments on the first four anniversaries of the date of grant. Vesting
under each of the Option Plans is generally subject to the participant&#146;s continued service as of each applicable vesting
date, and all options terminate 10 years from the date of grant.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Adecoagro S.A. Amended
and Restated Restricted Share and Restricted Stock Unit Plan</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On November 11, 2011,
the Board of Directors of the Company approved the amendment and restatement of the Adecoagro S.A. Restricted Share Plan, now known
as the Amended and Restated Restricted Share and Restricted Stock Unit Plan (the &#147;Plan).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Plan provides for
awards of restricted shares or restricted stock units to employees, officers, members of the board of directors and other service
providers of the Company. The purpose of the Plan is to further align the interests of participants with those of the shareholders
by providing participants with long-term incentive compensation opportunities tied to the performance of the Company&#146;s ordinary
shares.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The maximum number of
ordinary shares with respect to which awards may be made under the Plan is 1.5% of the issued and outstanding ordinary shares.
On March 17, 2015 the Plan was amended to increase the number of ordinary shares with respect to which awards may be made by 673,663
additional ordinary shares. To the extent any award under the Plan is canceled, expired, forfeited, surrendered settled in cash,
or otherwise terminated without delivery of shares the shares retained by or returned to the Company will again be available for
future awards under the Plan. The shares available for issuance as well as outstanding awards under the Plan are subject to adjustment
in the event of a reorganization, stock split, merger or similar change. Under the Plan, as of the date of this annual report,
1,268,896&nbsp;&nbsp;ordinary shares had been  issued to directors, senior management&nbsp;&nbsp;and employees.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Administration
and Eligibility</U></I></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Plan is administered
by the Committee. The Committee has general authority to grant awards, determine the recipients of awards and prescribe the terms
of awards, as well as authority to interpret and apply the terms of the Plan and individual awards. The Committee determines the
amount and the vesting requirements of the awards.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Terms of Awards</U></I></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A grant of restricted
shares represents ordinary shares that are issued subject to vesting requirements and transfer restrictions, as determined by the
Committee in its discretion. The vesting requirements may be based on the continued employment or service of the participant for
a specified time period or on the attainment of specified business performance goals established by the Committee. Subject to the
transfer restrictions and vesting requirements of the award, the participant will have the rights of a stockholder of the Company,
including voting rights and the right to receive dividends.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The number of restricted
shares or restricted stock units awarded to individuals each year will be based on Company performance. Once awarded, the restricted
shares or restricted stock units are subject to a service-based vesting schedule and vest in three equal annual installments on
the first three anniversaries of the date of grant, subject only to the participant&#146;s continued service to the Company as
of each applicable vesting date. Restricted stock units are payable following the vesting of an award in share<FONT STYLE="border-bottom-style: double; border-bottom-width: 1pt"><U>s</U></FONT>.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I><U>Amendment and Termination</U></I></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The board of directors
may amend, modify, suspend or terminate the Plan in its discretion, except participant consent will be needed if participants&#146;
rights are adversely affected. If not previously terminated by the board of directors, the Plan will terminate on the 10th anniversary
of its adoption.</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Share Options and
Restricted Shares</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following tables
set forth the total number of ordinary and restricted shares to be issued upon exercise of the options to directors and executives
officers, the exercise price of the options awarded, the date of grant and the date of expiration, as of the date of this annual
report.</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Stock
    Option Plans</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Plan
                                         under <BR>
which awards <BR>
were granted</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Number
                                         of</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>ordinary shares to <BR>
be issued upon <BR>
exercise
        of options</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Range
                                         of Exercise prices <BR>
per ordinary share ($)</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Range
                                         of Dates of Grant (1)</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Directors and Executive Officers</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mariano Bosch</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2004</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$5.83 to $8.62</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 11.45pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">05/01/2004 to 07/01/2006</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2007</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$12.82 to $13.40</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 11.45pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11/13/2007 to 01/30/2009</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Carlos A. Boero Hughes</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2004</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$5.83 to $7.11</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 11.45pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">08/25/2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2007</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$12.82 to $13.40</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 11.45pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11/13/2007 to 01/30/2009</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Emilio F. Gnecco</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2004</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$5.83 to $8.62</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 11.45pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">01/06/2007</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2007</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$12.82 to $13.40</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 11.45pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11/13/2007 to 01/30/2009</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Walter Marcelo Sanchez</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2004</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$5.83 to $8.62</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 11.45pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">05/01/2004 to 07/01/2006</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2007</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$12.82 to $13.40</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 11.45pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11/13/2007 to 01/30/2009</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mario Jos&eacute; Ram&oacute;n Imbrosciano</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2004</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$5.83 to $8.62</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 11.45pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">05/01/2004 to 07/01/2006</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2007</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$12.82 to $13.40</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 11.45pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11/13/2007 to 01/30/2009</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leonardo Berridi</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2004</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$5.83 to $8.62</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 11.45pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">05/01/2004 to 07/01/2006</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2007</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$12.82 to $13.40</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 11.45pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11/13/2007 to 01/30/2009</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Marcelo Vieira</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2004</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">107.857</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$5.83 to $8.62</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 11.45pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">02/01/2006 to 06/01/2006</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2007</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">165.394</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$12.82 to $13.40</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 11.45pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11/13/2006 to 01/30/2009</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ezequiel Garbers</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2004</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$5.83 to $8.62</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 11.45pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">05/01/2004 to 07/01/2006</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2007</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$12.82 to $13.40</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 11.45pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11/13/2007 to 01/30/2009</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Directors and Executive Officers as a group</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.996.971 (2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 96%; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Upon the exercise of
    all options, would beneficially own less than 1% of total outstanding shares.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">All share options have
    an expiration date 10 years after date of grant.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">It includes 1,600,747
    options with a range of exercise prices per ordinary share from $5.83 to $8.62 and 1,396,224 options with a range of exercise
    prices per ordinary share from $12.82 and 13.40.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Restricted
    Share and Restricted Stock Unit Plan</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Number
                                         of</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>restricted shares</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Number
                                         of</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>restricted stock units</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Range
                                         of</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Dates of Grant</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 41%; text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Directors and</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Executive Directors</B></P></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Abbas Farouq Zuaiter</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">05/13/2011 to 05/15/2012</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alan Leland Boyce</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,937</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,599</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">05/13/2011 to 05/15/2012</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Guillaume van der Linden</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">05/13/2011 to 05/15/2012</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Paulo Albert Weyland Vieira</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">05/13/2011 to 05/15/2012</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pl&iacute;nio Musetti</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">05/13/2011 to 05/15/2012</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mark Schachter</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">05/13/2011 to 05/15/2012</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Marcelo Vieira</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">44,538</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">76,906</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>04/01/2011 to 04/01/2013</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Andr&eacute; Velasco Bra&ntilde;es</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">05/13/2011 to 05/15/2012</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mariano Bosch</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">04/01/2011 to 04/01/2013</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Carlos A. Boero Hughes</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">04/01/2011 to 04/01/2013</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Emilio F. Gnecco</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">04/01/2011 to 04/01/2013</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Walter Marcelo Sanchez</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">04/01/2011 to 04/01/2013</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mario Jos&eacute; Ram&oacute;n Imbrosciano</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">04/01/2011 to 04/01/2013</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leonardo Berridi</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">04/01/2011 to 04/01/2013</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ezequiel Garbers</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">04/01/2011 to 04/01/2013</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Directors and Executive Officers as a group</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">308,810 (1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">842,637 (2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 96%; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Upon receipt of common
    shares pursuant to plan, would beneficially own less than 1% of total outstanding shares.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Consist of 296,972 vested
    restricted shares as of April 28, 2014 and 11,838 unvested restricted shares</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Consist of 285,637 vested
    restricted stock units as of April 28, 2014 (already converted to shares) and 557,000 unvested restricted stock units</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%"><B>Item 7.</B></TD>
    <TD STYLE="width: 90%; text-align: justify"><A NAME="a031v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Major Shareholders and Related Party Transactions</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>A.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a032v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>MAJOR SHAREHOLDERS</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
sets forth the beneficial ownership of our shares for (1) each person known to us to own beneficially at least 5% of our common
shares and (2) our directors and executive officers, based on the information most recently available to the Company, as of December
31, 2014.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of April 22, 2015,
we had 120,978,527 outstanding shares. Beneficial ownership is determined in accordance with the rules and regulations of the SEC.
In computing the number of shares beneficially owned by a person and the percentage ownership of that person, we have included
shares that the person has the right to acquire within 60 days from April 22, 2015, including through the exercise of any option,
warrant or other right or the conversion of any other security. These shares, however, are not included in the computation of the
percentage ownership of any other person.</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Number</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Percent</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal Shareholders:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 78%; text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Soros Fund Management LLC and affiliates (l)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,910,004</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21.4</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Al Gharrafa Investment Company (2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,983,265</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stichting Pensioenfonds Zorg en Welzijn (3)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,531,385</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jennison Associates LLC (4)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,925,623</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Brandes Investment Partners, LP (5)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,866,164</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Directors and Executive Officers</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Abbas Farouq Zuaiter</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">109,724</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alan Leland Boyce</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,247,673</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.03</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Guillaume van der Linden</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Paulo Albert Weyland Vieira</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left">*<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mariano Bosch</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left">*<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pl&iacute;nio Musetti</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left">*<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mark Schachter</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left">*<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left">*<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Andr&eacute;s Velasco Bra&ntilde;es</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left">*<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Carlos A. Boero Hughes</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Emilio F. Gnecco</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left">*<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Walter Marcelo Sanchez</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left">*<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mario Jos&eacute; Ram&oacute;n Imbrosciano</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leonardo Berridi</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Marcelo Vieira</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,144,032</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.95</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ezequiel Garbers</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total Directors and Executve Officers</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6057,081</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.00</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%; text-align: left">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->




<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="width: 96%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Beneficially
    owns less than 1% based on the total number of outstanding shares.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">The address of Soros
    Fund Management LLC is 888 Seventh Avenue, 33rd&nbsp;Floor, New York, New York 10106.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">The address of Al
    Gharrafa Investment Company is Walker House, 87 Main Street, George Town, Grand Cayman, KY1-9005, Cayman Islands.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">. The address of Stichting
    Pensioenfonds Zorg en Welzijn is P.O. BOX 4001 NL-3700 KA Zeist The Netherlands.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">The address of Jennison
    Associates LLC is 466 Lexington Avenue, New York, NY 10017.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">The address of Brandes
    Investment Partners, LP is&nbsp;&nbsp;El Camino Real Suite 600, San Diego, CA 92130.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of April 28, 2014,
94,539,950 shares, representing 78.5% of our outstanding common shares were held by United States record holders.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 5%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>B.</B></P></TD>
    <TD STYLE="width: 85%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B><A NAME="a033v2"></A>RELATED PARTY TRANSACTIONS</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Share Purchase and
Sale Agreement and UMA Right of First Offer Agreement</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In connection with the
Share Purchase and Sale Agreement, dated February 16, 2006. The&nbsp;&nbsp;IFH Parties also entered into a Right of First Offer
Agreement with Marcelo Weyland Barbosa Vieira, Paulo Albert Weyland Vieira, Mario Jorge de Lemos Vieira, and Corina de Almeida
Leite, each of which is a current indirect shareholder in IFH, (together the &#147;UMA Members&#148;), dated February 16, 2006,
whereby the IFH Parties agreed to grant the UMA Members a right of first offer to acquire the shares of UMA, or all or substantially
all of the assets of UMA, or the real property or plot of land where the commercial offices of UMA is currently located and which
is currently subject to a right-of-way and easement agreement granted to Mario Corina, Alfenas Agr&iacute;cola Ltda. The rights
granted to each of the UMA Members, their permitted affiliates, assignees, successors or heirs under such agreement are only in
effect for as long as such entities hold such an equity interest in IFH or any of its affiliates.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="text-align: justify; margin: 0pt 0"></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Agriculture Partnership
Agreements</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Some of our agriculture
partnership agreements are entered into with certain minority shareholders of the Company, for a total of 9,946.66&nbsp;&nbsp;hectares.
For the years ended December 31, 2014, 2012 and 2011, we recorded other net amount (payables) or receivables for payments in advance
amounting to $(0.5) million, ($0.5) million and $(0.3) million, respectively, and recognized expenses amounting to $4.2 million,
$3.1 million and $3.3 million, respectively, in connection with these agreements.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Registration Rights
Agreement</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In connection with the
Reorganization, we entered into a registration rights agreement providing holders of our issued and outstanding common shares on
January 28, 2011 (such holders being hereinafter referred to as the &#147;Existing Investors&#148; and such common shares subject
to the agreement being hereinafter referred to as the &#147;Registrable Securities&#148;) with certain rights to require us to
register their shares for resale under the Securities Act of 1933, as amended (&#147;Securities Act&#148;). Pursuant to the agreement,
if holders of a majority of the Registrable Securities notify us, no earlier than 180 days after the effective date of the registration
statement previously filed by us on Form F-1, we are required, subject to certain limitations, to file a registration statement
under the Securities Act in order to register the resale of the amount of ordinary shares requested by such holders. The underwriters
in such an offering will have the right, subject to certain limitations, to limit the number of shares included in such registration.
The Existing Investors have the right to require us to file one such registration. In addition, if we propose to register any of
our securities under the Securities Act, Existing Investors are entitled to notice of such registration and are entitled to certain
&#147;piggyback&#148; registration rights allowing such holders to include their common shares in such registration, subject
to certain restrictions. Furthermore, Existing Investors may require us to register the resale of all or a portion of their shares
on a registration statement on Form F-3 once we are eligible to use Form F-3. In an underwritten offering, the underwriters have
the right, subject to certain restrictions, to limit the number of Registrable Securities Existing Investors may include.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Shelf Registration
Statement on Form F-3</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Company filed a
shelf registration statement on Form F-3 with the U.S. Securities and Exchange Commission (SEC) on September 23, 2013, which was
declared effective by the SEC on December 23, 2013. Pursuant to the Shelf Registration Statement, certain shareholders may offer
and sell from time to time, in one or more offerings, up to 55,821,281 common shares.&nbsp;&nbsp;The registration of the common
shares for disposition by the principal shareholders does not mean that the principal shareholders will actually offer or sell
any of the shares. The specifics of future offerings, if any, including the names of participating shareholders, the amount of
shares to be offered and the offering price, will be determined at the time of any such offerings and will be described in a prospectus
supplement filed at the time of any such offerings.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Advisory Service Agreement</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On November 18, 2014
Adecoagro Vale do Ivinhema S.A., a Brazilian subsidiary of the company, executed an Advisory Service Agreement with Mirante Consultoria
Ltda., an affiliate of Mr. Marcelo Vieira (director of the company) for a term of 12 months. As consideration for the provision
of advisory services under the agreement, Adecoagro Vale do Ivinhema S.A. will pay Mirante Consultoria Ltda. R$ 59,463 per month,
which equals an aggregate amount of R$ 713,556 for the term of the agreement.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 5%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>C.</B></P></TD>
    <TD STYLE="width: 85%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B><A NAME="a034v2">INTERESTS OF EXPERTS AND COUNSEL</A></B></P></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Not applicable.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%"><B>Item 8.</B></TD>
    <TD STYLE="width: 90%; text-align: justify"><A NAME="a035v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial Information</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>A.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a036v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION.</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">See Item 18. Financial
Statements and page F-1 through F-90 for our Consolidated Financial Statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Legal and Administrative
Proceedings</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We are subject to several
laws, regulations and business practices of the countries in which we operate. In the ordinary course of business, we are subject
to certain contingent liabilities with respect to existing or potential claims, lawsuits and other proceedings, including those
involving tax, social security, labor lawsuits and other matters. We accrue liabilities when it is probable that future costs will
be incurred and such costs can be reasonably estimated. Currently, we are not engaged in any material litigation or arbitration
and no material litigation or claims are known to us to be pending or threatened against us which, either alone or on a combined
basis, may result in an adverse effect on our business, results of operations, or cash flows.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31, 2014,
the total amounts accrued in respect of legal and administrative proceedings was $ 2.0 million in Brazil, and $0.5 in Argentina.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In Argentina and Brazil
we are engaged in several legal proceedings, including tax, social security, labor, civil, environmental, administrative and other
proceedings, for which we have established provisions in an aggregate amount of $2.7 million. In addition, there are currently
certain legal proceedings pending in which we are involved for which we have not established provisions. In the opinion of our
management, the ultimate disposition of any threatened or pending matters, either individually or on a combined basis, will not
have a material adverse effect on our combined financial condition, liquidity, or results of operations other than as described
below.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Brazilian Federal
Government filed a tax enforcement action against UMA to demand excise taxes (Imposto sobre Produtos Industrializados, or &#147;IPI&#148;),
or a federal value-added tax on industrial products, in the amount of approximately $ 7.4 million. We have obtained a favorable
initial decision from the lower court, which accepted our argument on procedural grounds based on the Brazilian federal government&#146;s
loss of its procedural right to demand the IPI debts. Currently, the case is under review by an appellate court following the appeal
filed by the Brazilian federal government. We have not made any provision for this claim based on legal counsel&#146;s view that
the risk of an unfavorable decision in this matter is remote. If this proceeding is decided adversely to us, our results of operations
and financial condition may be materially adversely affected.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Jos&eacute; Valter Laurindo
de Castilhos, Companhia Rio de Janeiro Agropecu&aacute;ria Ltda. and other former owners of the Rio de Janeiro and Conquista Farms
have filed suit against us for the payment of a supplementary amount of approximately $25.2 million, as well as indemnity for moral
and material damages, as a result of the alleged breach of the purchase agreement entered into by the parties. The lower court
ruled in our favor, allowing us to keep possession of the Rio de Janeiro Farm. This decision has been appealed by Mr.&nbsp;Castilhos
to the Superior Court of Justice (&#147;Superior Tribunal de Justi&ccedil;a&#148;). The Brazilian Superior Court of Justice has
determined that the case is without merit but this decision can be appealed by Mr.&nbsp;Castilhos. We have not made any provision
for this claim based on legal counsel&#146;s view that the risk of an unfavorable decision in this matter is remote. If this proceeding
is decided adversely to us, our results of operations and financial condition may be materially adversely affected.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The INCRA conducted
an investigation to determine the falsehood of the CCIR delivered to us by the former owner of Rio de Janeiro Farm back in January
2005 when we acquired this farm. The INCRA also conducted an investigation related to the <I>cadeia dominial </I>of the farm to
determine the correct chain of ownership through the successive transfers of ownership, in order to confirm that the <I>destaque
p&uacute;blico</I> occurred or that the State does not have interest in claiming ownership. No irregularity was found that could
jeopardize the acquisition deed or affect the ownership of Rio de Janeiro Farm in both proceedings and we are currently waiting
for INCRA to make a final determination.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As regards legal proceedings
in which the Company is a plaintiff, in 2014 the Company filed an arbitration proceeding against Marfrig Argentina S.A. (&#147;Marfrig
Argentina&#148;), an argentine subsidiary of Marfrig Alimentos S.A. (&#147;Marfrig Alimentos&#148;) a Brazilian Company and
against Marfrig Alimentos claiming unpaid invoices and indemnification for US$ 23,000,000 for early termination of the lease agreements
for grazing land entered into with the Company on December 2009.&nbsp;&nbsp;As of the date of this report, the proceedings were
continuing.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Dividend Policy</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The amount and payment
of dividends will be determined by a simple majority vote at a general shareholders&#146; meeting, typically but not necessarily,
based on the recommendation of our board of directors. All shares of our capital stock rank <I>pari passu </I>with respect to the
payment of dividends. Pursuant to our articles of incorporation, the board of directors has the power to distribute interim dividends
in accordance with applicable Luxembourg law. Dividends may be lawfully declared and paid if our net profits and distributable
reserves are sufficient under Luxembourg law.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Under Luxembourg law,
at least 5% of our net profits per year must be allocated to the creation of a legal reserve until such reserve has reached an
amount equal to 10% of our issued share capital. If the legal reserve subsequently falls below the 10% threshold, at least 5% of
the annual net profits again must be allocated toward the reserve. The legal reserve is not available for distribution.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Adecoagro is a holding
company and has no material assets other than its ownership of partnership interests in Adecoagro LP SCS, in turn, is a holding
entity with no material assets other than its indirect ownership of shares in operating subsidiaries in foreign countries. If we
were to distribute a dividend at some point in the future, we would cause the operating subsidiaries to make distributions to Adecoagro
LP SCS, which in turn would make distributions to Adecoagro in an amount sufficient to cover any such dividends.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our subsidiaries in
Argentina and Brazil are subject to certain restrictions on their ability to declare or pay dividends. See &#147;Item 5. Operating
and Financial Review and Prospects&mdash;B. Liquidity and Capital Resources&mdash;Indebtedness and Financial Instruments&#148;,
and also see &#147;&mdash;Risks Related to our Business and Industries&mdash;Certain of our subsidiaries have substantial indebtedness
which could impair their financial condition and decrease the amount of dividends we receive.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="width: 5%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B><A NAME="a037v2"></A>B.</B></P></TD>
    <TD STYLE="width: 85%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>SIGNIFICANT CHANGES</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Except as otherwise
disclosed in this annual report, there has been no undisclosed significant change since the date of the annual Consolidated Financial
Statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%"><B>Item 9.</B></TD>
    <TD STYLE="width: 90%; text-align: justify"><A NAME="a038v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The Offer and Listing</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>A.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 85%"><A NAME="a039v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>OFFER AND LISTING DETAILS</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our common shares have
been listed on the NYSE under the symbol &#147;AGRO&#148; since January 28, 2011. As of the date of this report, our issued share
capital amounts to $183,572,723, represented by 122,381,815 (of which 1,978,478 were treasury shares) shares with a nominal value
of $1.50 each. All issued shares are fully paid up.</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The table below sets forth,
for the period indicated, the reported high and low closing prices for our common shares listed on the NYSE.</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 95%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Full
    Financial Quarters Since Listing</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>High</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Low</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January&nbsp;28, 2011 to March&nbsp;31, 2011</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.50</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.99</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second Quarter&nbsp;2011</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.47</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.27</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Third Quarter&nbsp;2011</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.97</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.62</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fourth Quarter&nbsp;2011</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.72</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.42</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fiscal Year Ended December&nbsp;31, 2011</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13.50</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7.42</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">First Quarter&nbsp;2012</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.05</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.03</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second Quarter 2012</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.81</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.51</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Third Quarter 2012</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.80</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.33</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fourth Quarter&nbsp;2012</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.91</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.05</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fiscal Year Ended December 31, 2013</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>11.05</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8.03</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">First Quarter 2013</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.56</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.69</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second Quarter 2013</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.94</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.05</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Third Quarter 2013</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.65</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.22</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fourth Quarter&nbsp;2013</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.37</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.46</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fiscal Year Ended December 31, 2014</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>9.56</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7.69</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">First Quarter 2014</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.16</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.01</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second Quarter 2014</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.95</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.13</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Third Quarter 2014</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.25</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.80</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fourth Quarter&nbsp;2014</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.44</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.83</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Last
    6 Months</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>High</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Low</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 2014</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.44</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.89</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2014</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.12</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.83</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2015</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.28</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.75</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2015</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.92</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.95</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2015</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.1</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.73</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 2015 (to April 7, 2015)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.57</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.16</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>B.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a040v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PLAN OF DISTRIBUTION</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Not applicable.</P>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>C.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a041v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>MARKETS</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our common shares have
been listed on the NYSE under the symbol &#147;AGRO&#148; since January 28, 2011. See &#147;&mdash;A. Offer and Listing Details.&#148;</P>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>D.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a042v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SELLING SHAREHOLDERS</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Not applicable.</P>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>E.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a043v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DILUTION</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Not applicable.</P>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>F.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a044v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXPENSES OF THE ISSUE</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Not applicable.</P>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%"><B>Item 10.</B></TD>
    <TD STYLE="width: 90%; text-align: justify"><A NAME="a045v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Additional Information</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>A.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a046v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SHARE CAPITAL</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Not applicable.</P>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>B.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a047v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>MEMORANDUM AND ARTICLES OF ASSOCIATION</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following is a summary
of some of the terms of our common shares, based in particular on our articles of incorporation and the Luxembourg law of August
10, 1915 on commercial companies.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Adecoagro&#146;s shares
are governed by Luxembourg law and its articles of incorporation. More information concerning shareholders&#146; rights can be
found in the Luxembourg law on commercial companies dated August 10, 1915, as amended from time to time, and the articles of incorporation.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following is a summary
of the rights of the holders of our shares that are material to an investment in our common shares. These rights are set out in
our articles of association or are provided by applicable Luxembourg law, and may differ from those typically provided to shareholders
of U.S. companies under the corporation laws of some states of the United States. This summary does not contain all information
that may be important to you. For more complete information, you should read our updated articles of association, which are attached
as an exhibit to this annual report.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>General</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Adecoagro is a Luxembourg
soci&eacute;t&eacute; anonyme (a joint stock company). The Company&#146;s legal name is &#147;Adecoagro S.A.&#148; Adecoagro
was incorporated on June 11, 2010 and on October 26, 2010 all the outstanding shares of Adecoagro were acquired by IFH LLC.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On October 30, 2010,
the members of IFH LLC transferred pro rata approximately 98% of their membership interests in IFH LLC to Adecoagro in exchange
for common shares of Adecoagro. In a series of transactions during 2012, we transferred shares of Adecoagro to certain limited
partners of IFH in exchange for their residual interest in IFH, increasing our interest in IFH to approximately 100%.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On January 28, 2011,
Adecoagro completed the IPO of its shares on the NYSE. The shares are traded under the symbol &#147;AGRO.&#148;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On March 27, 2015,&nbsp;&nbsp;Adecoagro
commenced a series of transactions for the purpose of&nbsp;&nbsp;transfering the domicile of Adecoagro LP to Luxembourg. In connection
with the Adecoagro LP redomiciliation, Adecoagro merged IFH into Adecoagro LP with Adecoagro LP as the surviving entity and Adecoagro
GP S.a.r.l., <I>a societe responsibilitie limitee</I> organized under the laws of Luxembourg, became the general partner of Adecoagro
LP on April 1, 2015.&nbsp;&nbsp;Also on April 1, 2015, Adecoagro completed the redomiciliation of Adecoagro LP out of&nbsp;&nbsp;Delaware&nbsp;&nbsp;to
Luxembourg and Adecoagro LP, without dissolution or liquidation, continued its corporate existence as Adecoagro LP S.C.S., <I>a
societe en commandite simple</I> organized under Luxembourg law, effective April 2, 2015.&nbsp;&nbsp;For a detailed description
of the Adecoagro LP redomiciliation please see &#147;Item 4. Information on the Company&mdash;A. History and Development of the
Company&mdash;History.&nbsp;&nbsp;Since that date the&nbsp;&nbsp;affairs of Adecoagro LP S.C.S. have been governed by its by-laws
and Luxembourg law.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Adecoagro is registered
with the Luxembourg Registry of Trade and Companies under number B153681. Adecoagro has its registered office at Rue Eug&egrave;ne
Ruppert, L-2453, Luxembourg, Grand Duchy of Luxembourg.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The corporate purpose
of Adecoagro, as stated in Article 4 of our articles of incorporation (Purpose Object), is the following: The object of Adecoagro
is the holding of participations, in any form whatsoever, in Luxembourg and foreign companies, or other entities or enterprises,
the acquisition by purchase, subscription, or in any other manner as well as the transfer by sale, exchange or otherwise of stock,
bonds, debentures, notes and other securities or rights of any kind including interests in partnerships, and the holding, acquisition,
disposal, investment in any manner (in), development, licensing or sub licensing of, any patents or other intellectual property
rights of any nature or origin as well as the ownership, administration, development and management of its portfolio. Adecoagro
may carry out its business through branches in Luxembourg or abroad.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Adecoagro may borrow
in any form and proceed to the issuance by private or public means of bonds, convertible bonds and debentures or any other securities
or instruments it deems fit.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In a general fashion
it may grant assistance (by way of loans, advances, guarantees or securities or otherwise) to companies or other enterprises in
which Adecoagro has an interest or which form part of the group of companies to which Adecoagro . belongs or any entity as Adecoagro
may deem fit (including up stream or cross stream), take any controlling, management, administrative and/or supervisory measures
and carry out any operation which it may deem useful in the accomplishment and development of its purposes.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Finally, Adecoagro can
perform all commercial, technical and financial or other operations, connected directly or indirectly in all areas in order to
facilitate the accomplishment of its purpose.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Share Capital</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31, 2014
our issued share capital amounted to $183,572,722.50, represented by 122,381,815 shares in issue (of which 1,892,671&nbsp;&nbsp;were
treasury shares) with a nominal value of $1.50 each. All issued shares are fully paid up.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31, 2014
there were 120,489,144 common shares outstanding.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We have an authorized
unissued share capital of $3,000,000,000, including the issued share capital as of December 31, 2014 of $183,572,722.50 and are
authorized to issue up to 2,000,000,000 shares of a nominal value of $1.50 each (taking into account the shares issued as of December
31, 2014) out of such authorized share capital. Our authorized unissued share capital as of December 31, 2014 is $2,816,427,277.50.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our articles of incorporation
authorize the board of directors to issue shares within the limits of the authorized un-issued share capital at such times and
on such terms as the board or its delegates may decide for a period commencing on January 10, 2011 and ending on the date five
years after the date that the minutes of the shareholders&#146; meeting approving such authorization have been published in the
Luxembourg official gazette (unless it is extended, amended or renewed and we currently intend to seek renewals and/or extensions
as required from time to time).&nbsp;Such publication occurred on April 22, 2011. Accordingly, the board may issue shares up to
the number of authorized un-issued shares pursuant to the above until the latter date against contributions in cash, contributions
in kind or by way of incorporation of available reserves at such times and on such terms and conditions, including the issue price,
as the board of directors or its delegate(s) may in its or their discretion resolve and the general meeting of shareholders dated
January 10, 2011 has waived and has authorized the board of directors to waive, suppress or limit, any pre-emptive subscription
rights of shareholders provided for by law to the extent it deems such waiver, suppression or limitation advisable for any issue
or issues of shares within the authorized share capital.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our authorized share
capital is determined (and may be increased, reduced or extended) by our articles of incorporation, as amended from time to time,
by the decision of our shareholders at an extraordinary general shareholders&#146; meeting with the necessary quorum and majority
provided for the amendment of our articles of incorporation. See &#147;&mdash;Amendment to the Articles of Incorporation&#148;
and &#147;&mdash;General Meeting of Shareholders&#148;.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Under Luxembourg law,
existing shareholders benefit from a preemptive subscription right on the issuance of shares for cash consideration. However, our
shareholders have, in accordance with Luxembourg law, authorized the board to suppress, waive or limit any preemptive subscription
rights of shareholders provided by law to the extent the board deems such suppression, waiver or limitation advisable for any issuance
or issuances of shares within the scope of our authorized unissued share capital. Such shares may be issued above, at or below
market value (down to zero) as well as by way of incorporation of available reserves and premium for a period ending on the fifth
anniversary of the date of the publication of the notarial deed recording the minutes of the extraordinary general shareholders&#146;
meeting of January 10, 2011 in the Luxembourg official gazette (which occurred on April 22, 2011).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Form and Transfer of
shares</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our shares are issued
in registered form only and are freely transferable. Luxembourg law does not impose any limitations on the rights of Luxembourg
or non-Luxembourg residents to hold or vote our shares.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Under Luxembourg law,
the ownership of registered shares is evidenced by the inscription of the name of the shareholder, the number of shares held by
him or her in the register of shares held at the registered office of the Company. Each transfer of shares in the share register
shall be effected by written declaration of transfer to be recorded in the register of shares, such declaration to be dated and
signed by the transferor and the transferee, or by their duly appointed agents. We may accept and enter into its share register
any transfer effected pursuant to an agreement or agreements between the transferor and the transferee, true and complete copies
of which have been delivered to us.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We may appoint registrars
in different jurisdictions, each of whom may maintain a separate register for the shares entered in such register. We have appointed
Computershare (operating with the service name BNY Mellon Shareowner Services) as our New York registrar and transfer agent, and
all shares and shareholders have been transferred from the register held at our registered office to the register held on our behalf
by Computershare (operating with the service name BNY Mellon Shareowner Services) as our registrar and transfer agent. The holders
of our shares may elect to be entered in one of the registers and to be transferred from time to time from one register to another
register provided that our board of directors may however impose transfer restrictions for shares that are registered, listed,
quoted, dealt in, or have been placed in certain jurisdictions in compliance with the requirements applicable therein. The transfer
to the register kept at the Company&#146;s registered office may always be requested by a shareholder.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition, our articles
of incorporation provide that our shares may be held through a securities settlement system or a professional depository of securities.
Shares held in such manner have the same rights and obligations as shares recorded in our shareholder register(s) (subject to complying
with certain formalities). Shares held through a securities settlement system or a professional depository of securities may be
transferred in accordance with customary procedures for the transfer of securities in book-entry form.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Issuance of Shares</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Pursuant to Luxembourg
law of August 10, 1915 on commercial companies, the issuance of shares in Adecoagro requires the approval by the general meeting
of shareholders at the quorum and majority provided for the amendment of our articles of incorporation. See &#147;&mdash;Amendment
to the Articles of Incorporation&#148; and &#147;&mdash;General Meeting of Shareholders&#148;. The general meeting of shareholders
may however approve an authorized unissued share capital and authorize the board of directors to issue shares up to the maximum
amount of such authorized unissued share capital for a maximum period of five years from the date of publication in the Luxembourg
official gazette of the minutes of the relevant general meeting. The general meeting may amend, renew or extend such authorized
share capital and authorization to the board of directors to issue shares.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We have currently an
authorized share capital of $3,000,000,000, including the issued share capital as of December 31, 2014 of $183,572,722.50 and are
authorized to issue up to 2,000,000,000 shares of a nominal value of $1.50 each (taking into account the shares already issued)
out of such authorized share capital. As of December 31, 2014 the authorized un-issued share capital was $2,816,427,277.50. Our
board has been authorized to issue shares within the limits of the authorized un-issued share capital at such times and on such
terms as the board or its delegates may decide for a period commencing on January 10, 2011 and ending on the date five years after
the date that the minutes of the shareholders&#146; meeting approving such authorization have been published in the Luxembourg
official gazette (unless it is extended, amended or renewed). The publication occurred on April 22, 2011. Accordingly, the board
may issue shares up to the total number of authorized un-issued shares until the latter date against contributions in cash, contributions
in kind or by way of incorporation of available reserves at such times and on such terms and conditions, including the issue price,
as the board of directors or its delegate(s) may in its or their discretion resolve while waiving, suppressing or limiting, any
pre-emptive subscription rights of shareholders provided for by law to the extent it deems such waiver, suppression or limitation
advisable for any issue or issues of shares within the authorized share capital.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our articles provide
that no fractional shares may be issued.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our shares have no conversion
rights and there are no redemption or sinking fund provisions applicable to our common shares.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Preemptive Rights</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Unless limited or cancelled
by the board of directors as described above, holders of our shares have a pro rata preemptive right to subscribe for any new shares
issued for cash consideration. Our articles, provide that preemptive rights can be waived, suppressed or limited by the board of
directors for a period ending on April 22, 2016, in the event of an increase of the issued share capital by the board of directors
within the limits of the authorized un-issued share capital</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Repurchase of Shares</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We cannot subscribe
for our own shares.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We may, however, repurchase
issued shares or have another person repurchase issued shares for our account, subject to the following conditions:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 90%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the prior authorization of the general meeting of shareholders (at the quorum and majority for ordinary resolutions), which authorization sets forth the terms and conditions of the proposed repurchase and in particular the maximum number of shares to be repurchased, the duration of the period for which the authorization is given (which may not exceed five years) and, in the case of repurchase for consideration, the minimum and maximum consideration per share, must have been obtained;</FONT></TD></TR>
</TABLE>


<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 90%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the repurchase may not reduce our net assets on a non-consolidated basis to a level below the aggregate of the issued share capital and the reserves that we must maintain pursuant to Luxembourg law or its articles of incorporation; and</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">only fully paid up shares may be repurchased.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The general meeting
of shareholders has authorized that the Company, and/or any wholly-owned subsidiary (and/or any person acting on their behalf),
may purchase, acquire, receive or hold shares in the Company under article 49-2 of the Luxembourg law of August 10, 1915, from
time to time up to 20% of the issued share capital, on the following terms and on such terms as referred to below and as shall
further be determined by the board of directors of the Company, such authorization being valid (subject to renewal) for a period
of five years from January 10, 2011.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Acquisitions may be
made in any manner including without limitation, by tender or other offer(s), buy back program(s), over the stock exchange or in
privately negotiated transactions or in any other manner as determined by the board of directors (including derivative transactions
or transactions having the same or similar economic effect than an acquisition).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In the case of acquisitions
for value:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">(i) in the
case of acquisitions other than in the circumstances set forth under (ii), for a net purchase price being (x) no less than fifty
per cent of the lowest stock price and (y) no more than fifty per cent above the highest stock price, in each case being the closing
price, as reported by the New York City edition of the Wall Street Journal, or, if not reported therein, any other authoritative
source to be selected by the board of directors of the Company (hereafter, the closing price), over the ten (10) trading days preceding
the date of the purchase (or as the case may be the date of the commitment to the transaction);</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">(ii) in case
of a tender offer (or if deemed appropriate by the board of directors, a buy back program),</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">a. in case
of a formal offer being published, for a set net purchase price or a purchase price range, each time within the following parameters:
no less than fifty per cent of the lowest stock price and (y) no more than fifty per cent above the highest stock price, in each
case being the closing price over the ten (10) trading days preceding the publication date, provided however that if the stock
exchange price during the offer period fluctuates by more than 10%, the board of directors may adjust the offer price or range
to such fluctuations;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">b. in case
a public request for sell offers is made, a price range may be set (and revised by the board of directors as deemed appropriate)
provided that acquisitions may be made at a price which is no less than fifty per cent of the lowest stock price and (y) no more
than fifty per cent above the highest stock price, in each case being the closing price over a period determined by the board of
directors provided that such period may not start more than five (5) trading days before the sell offer start date of the relevant
offer and may not end after the last day of the relevant sell offer period.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition, pursuant
to Luxembourg law the board of directors may repurchase shares without the prior approval of the general meeting of shareholders
if necessary to prevent serious and imminent harm to us or if the acquisition of shares has been made in view of the distribution
thereof to the employees.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A share buy-back program
was approved by the board of directors of the Company on September 12, 2013 to acquire up to 5% of the total outstanding share
capital of the Company to be held as treasury shares (the &#147;Buy-Back Program&#148;). The Buy-Back Program wasimplemented
in compliance with the authorization granted by the general meeting of the Company, any applicable law, rules or regulations described
above and the following limits approved by the board of directors of the Company. The Buy Back Program was approved for a period
of 12 months from September 23, 2014 (the date of its announcement) or until reaching the maximum number of shares authorized under
the Buy Back Program, whatever occurs first. The Buy Back Program is conducted under Open Market Transactions, in reliance on the
&#147;safe harbour&#148; from liability for manipulation provided by Rule 10b-18 of the Securities Exchange Act.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Capital Reduction</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The articles of incorporation
provide that the issued share capital may be reduced, subject to the approval by the general meeting of shareholders at the quorum
and majority provided for the amendment of our articles of incorporation. See &#147;&mdash;Amendment to the Articles of Incorporation&#148;
and &#147;&mdash;General Meeting of Shareholders&#148;.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>General Meeting of Shareholders</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In accordance with Luxembourg
law and our articles of incorporation, any regularly constituted general meeting of shareholders of Adecoagro represents the entire
body of shareholders of the Company. It shall have the broadest powers to order, carry out or ratify acts relating to the operations
of the Company.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The annual general meeting
of shareholders of Adecoagro is held at 4:00pm (Luxembourg time) on the third Wednesday of April of each year in Luxembourg. If
that day is a legal or banking holiday, the meeting will be held on the next following business day. Other general meetings of
shareholders may be convened at any time.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Each of our shares entitles
the holder thereof to attend our general meeting of shareholders, either in person or by proxy, to address the general meeting
of shareholders, and to exercise voting rights, subject to the provisions of our articles of incorporation. Each share entitles
the holder to one vote at a general meeting of shareholders. There is no minimum shareholding required to be able to attend or
vote at a general meeting of shareholders.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A shareholder may act
at any general meeting of shareholders by appointing another person (who need not be a shareholder) as his proxy, which proxy shall
be in writing and comply with such requirements as determined by our board with respect to the attendance to the general meeting,
and proxy forms in order to enable shareholders to exercise their right to vote. All proxies must be received by us (or our agents)
no later than the day preceding the fifth (5th) working day before the date of the general meeting except if our board of directors
decides to change such time frame.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our articles of incorporation
provide that in the case of shares held through the operator of a securities settlement system or depository, a holder of such
shares wishing to attend a general meeting of shareholders must receive from such operator or depository a certificate certifying
the number of shares recorded in the relevant account on the blocking date and certifying that the shares in the account shall
be blocked until the close of the general meeting. Such certificates should be submitted to us no later than the day preceding
the fifth working day before the date of the general meeting unless our board fixes a different period.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our board of directors
may determine a date preceding a general meeting as the record date for admission to such general meeting. When convening a general
meeting of shareholders, we will publish two notices (which must be published at least eight days apart and in the case of the
second notice, eight days before the meeting) in the M&eacute;morial, Recueil des Soci&eacute;t&eacute;s et Association, and in
a Luxembourg newspaper and in the case the shares of the Company are listed on a regulated market, in accordance with the publicity
requirements of such regulated market applicable to the Company. If all of the shareholders are present or represented at a general
meeting of shareholders, the general meeting may be held without prior notice or publication. These convening notices must contain
the agenda of the meeting and set out the conditions for attendance and representation at the meeting.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">All materials relating
to a general meeting of shareholders (including the notice) will be available at the website of Adecoagro at www.adecoagro.com
and will be filed with the SEC on Form 6-K. The information on our website is not incorporated by reference in, and does not constitute
a part of, this annual report.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Luxembourg law provides
that the board of directors is obliged to convene a general meeting of shareholders if shareholders representing, in the aggregate,
10% of the issued share capital so require in writing with an indication of the agenda. In such case, the general meeting of shareholders
must be held within one month of the request. If the requested general meeting of shareholders is not held within one month, shareholders
representing, in the aggregate, 10% of the issued share capital, may petition the competent president of the district court in
Luxembourg to have a court appointee convene the meeting. Luxembourg law provides that shareholders representing, in the aggregate,
10% of the issued share capital may request that additional items be added to the agenda of a general meeting of shareholders.
That request must be made by registered mail sent to the registered office at least five days before the holding of the general
meeting of shareholders.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Voting Rights</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Each share of our shares
entitles the holder thereof to one vote at a general meeting of shareholders.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Luxembourg law distinguishes
between &#147;ordinary&#148; general meetings of shareholders and &#147;extraordinary&#148; general meetings of shareholders.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Extraordinary general
meetings of shareholders are convened to resolve in particular upon an amendment to the articles of incorporation and certain other
limited matters described below and are subject to the quorum and majority requirements described below. All other general meetings
of shareholders are ordinary general meetings of shareholders.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Ordinary General
Meetings of Shareholders</I>. At an ordinary general meeting of shareholders there is no quorum requirement, and resolutions are
adopted by a simple majority of the votes validly cast, irrespective of the number of shares present or represented. Abstentions
are not considered &#147;votes&#148;.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Extraordinary General
Meetings of Shareholders</I>. An extraordinary general meeting of shareholders convened for the purpose of in particular (a) an
increase or decrease of the authorized or issued share capital, (b) a limitation or exclusion of preemptive rights, (c) approving
a legal merger or de-merger of Adecoagro, (d) dissolution of the Company or (e) an amendment of the articles of incorporation must
generally have a quorum of at least 50% of our issued share capital except in limited circumstances provided for by Luxembourg
law. If such quorum is not reached, the extraordinary general meeting of shareholders may be reconvened, pursuant to appropriate
notification procedures, at a later date with no quorum requirement applying</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Irrespective of whether
the proposed actions described in the preceding paragraph will be subject to a vote at the first or a subsequent extraordinary
general meeting of shareholders, such actions are subject to the approval of at least two-thirds of the votes validly cast at such
extraordinary general meeting of shareholders (except in limited circumstances provided for by Luxembourg law). Abstentions are
not considered &#147;votes&#148;.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Appointment and Removal
of Directors</I>. Members of the board of directors may be elected by simple majority of the votes validly cast at any general
meeting of shareholders. Under the articles of incorporation, all directors are elected for a period of up to three years with
such possible extension as provided therein provided however the directors shall be elected on a staggered basis, with one third
(1/3) of the directors being elected each year and provided further that such three year term may be exceeded by a period up to
the annual general meeting held following the third anniversary of the appointment. Any director may be removed with or without
cause by a simple majority vote at any general meeting of shareholders. The articles of incorporation provide that in case of a
vacancy the board of directors may co-opt a director.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Neither Luxembourg law
nor our articles of incorporation contain any restrictions as to the voting of our shares by non-Luxembourg residents.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Amendment to the Articles
of Incorporation</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Luxembourg law requires
an extraordinary general meeting of shareholders to resolve upon an amendment to the articles of incorporation. The agenda of the
extraordinary general meeting of shareholders must indicate the proposed amendments to the articles of incorporation.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">An extraordinary general
meeting of shareholders convened for the purpose of amending the articles of incorporation must generally have a quorum of at least
50% of our issued share capital. If such quorum is not reached, the extraordinary general meeting of shareholders may be reconvened
at a later date with no quorum according to the appropriate notification procedures. Irrespective of whether the proposed amendment
will be subject to a vote at the first or a subsequent extraordinary general meeting of shareholders, the amendment is generally
subject to the approval of at least two-thirds of the votes cast at such extraordinary general meeting of shareholders.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Any resolutions to amend
the articles of incorporation must be taken before a Luxembourg notary and such amendments must be published in accordance with
Luxembourg law.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Merger and Division</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A merger by absorption
whereby a Luxembourg company, after its dissolution without liquidation transfers to another company all of its assets and liabilities
in exchange for the issuance to the shareholders of the company being acquired of shares in the acquiring company, or a merger
effected by transfer of assets to a newly incorporated company, must, in principle, be approved by an extraordinary general meeting
of shareholders of the Luxembourg company to be held before a notary. Similarly the de-merger of a Luxembourg company is generally
subject to the approval by an extraordinary general meeting of shareholders.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Liquidation</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In the event of the
liquidation, dissolution or winding-up of Adecoagro, the assets remaining after allowing for the payment of all liabilities will
be paid out to the shareholders pro rata to their respective shareholdings. The decision to voluntarily liquidate, dissolve or
wind-up require the approval by an extraordinary general meeting of shareholders of the Company to be held before a notary.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>No Appraisal Rights</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Neither Luxembourg law
nor our articles of incorporation provide for any appraisal rights of dissenting shareholders.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Distributions</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Subject to Luxembourg
law, each share is entitled to participate equally in distributions if and when if declared by the general meeting of shareholders
out of funds legally available for such purposes. Pursuant to the articles of incorporation, the general meeting of shareholders
may approve distributions and the board of directors may declare interim distribution, to the extent permitted by Luxembourg law.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Declared and unpaid
distributions held by us for the account of the shareholders shall not bear interest. Under Luxembourg law, claims for unpaid distributions
will lapse in our favor five years after the date such distribution has been declared.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Annual Accounts</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Each year the board
of directors must prepare annual accounts, that is, an inventory of the assets and liabilities of Adecoagro together with a balance
sheet and a profit and loss account. The board of directors must also prepare, each year, consolidated accounts and management
reports on the annual accounts and consolidated accounts. The annual accounts, the consolidated accounts, the management report
and the auditor&#146;s reports must be available for inspection by shareholders at the registered office of Adecoagro at least
15 calendar days prior to the date of the annual general meeting of shareholders.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The annual accounts
and the consolidated accounts, after approval by the annual general meeting of shareholders, will need to be filed with the Luxembourg
registry of trade and companies within one month after the approval and no more than seven months after the close of the financial
year.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Information Rights</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Luxembourg law gives
shareholders limited rights to inspect certain corporate records 15 calendar days prior to the date of the annual general meeting
of shareholders, including the annual accounts with the list of directors and auditors, the consolidated accounts, the notes to
the annual accounts and the consolidated accounts, a list of shareholders whose shares are not fully paid-up, the management reports
and the auditor&#146;s report.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The annual accounts,
the consolidated accounts, the auditor&#146;s reports and the management reports are made available to registered shareholders
at the same time as the convening notice for the annual general meeting of shareholders is sent. In addition, any registered shareholder
is entitled to receive a copy of these documents free of charge 15 calendar days prior to the date of the annual general meeting
of shareholders upon request.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Under Luxembourg law,
it is generally accepted that a shareholder has the right to receive responses to questions concerning items on the agenda for
a general meeting of shareholders, if such responses are necessary or useful for a shareholder to make an informed decision concerning
such agenda item, unless a response to such questions could be detrimental to our interests.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Board of Directors</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The management of Adecoagro
is vested in a board of directors. Our articles of incorporation provide that the board must comprise at least three members and
no more than eleven members. The number of directors is determined and the directors are appointed at the general meeting of shareholders
(except in case of a vacancy in the office of a director because of death, retirement, resignation, dismissal, removal or otherwise,
the remaining directors may fill such vacancy and appoint a successor in accordance with applicable Luxembourg law).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The directors are appointed
for a period of up to three years; provided however the directors shall be elected on a staggered basis, with one-third of the
directors being elected each year and provided further that such three year term may be exceeded by a period up to the annual general
meeting held following the third anniversary of the appointment. Directors may be removed with or without cause (<I>ad nutum</I>)
by the general meeting of shareholders by a simple majority of votes cast at a general meeting of shareholders. The directors shall
be eligible for re-election indefinitely. The general shareholders&#146; meeting may dismiss one or more directors at any time,
with or without cause by a resolution passed by simple majority vote, irrespective of the number of shares present at such general
shareholders&#146; meeting.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Currently our board
has 11 members (see &#147;Item 6. Directors, Senior Management and Employees&mdash;A. Directors and Senior Management&mdash;Board
of Directors&#148;). The board meets as often as required by our interests.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A majority of the members
of the board in office (and able to vote) present or represented at a board meeting constitutes a quorum, and resolutions are adopted
by the simple majority vote of the board members present or represented (and able to vote). The board may also take decisions by
means of resolutions in writing signed by all directors.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our board may delegate
the daily management of the business of Adecoagro, as well as the power to represent Adecoagro in its day to day business, to individual
directors or other officers or agents of the Company (with power to sub-delegate). In addition the board of directors may delegate
the daily management of the business of Adecoagro, as well as the power to represent Adecoagro in its day to day business to an
executive or other committee as it deems fit. The board of directors shall determine the conditions of appointment and dismissal
as well as the remuneration and powers of any person or persons so appointed.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Currently the board
of directors has appointed the officers listed under &#147;Item 6. Directors, Senior Management and Employees&mdash;A. Directors
and Senior Management.&#148;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The board of directors
may (but shall not be obliged to unless required by law) establish one or more committees (including without limitation an audit
committee, a risk and commercial committee, a strategy committee and a compensation committee) and for which it shall, if one or
more of such committees are set up, appoint the members (who may be but do not need to be board members), determine the purpose,
powers and authorities as well as the procedures and such other rules as may be applicable thereto (subject as to the audit committee
as set forth therein).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Currently our board
has set up an audit committee. See &#147;Item 6. Directors, Senior Management and Employees&mdash;C. Board Practices.&#148; Our
board has set up a compensation committee. See &#147;Item 6. Directors, Senior Management and Employees&mdash;C. Board Practices.&#148;
Our board has set up a risk and commercial committee. See &#147;Item 6. Directors, Senior Management and Employees&mdash;C. Board
Practices.&#148; Our board has set up a strategy committee. See &#147;Item 6. Directors, Senior Management and Employees&mdash;C.
Board Practices.&#148;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">No director shall, solely
as a result of being a director, be prevented from contracting with us, either with regard to his tenure of any office or place
of profit or as vendor, purchaser or in any other manner whatsoever, nor shall any contract in which any director is in any way
interested be liable to be avoided, in account of his position as director nor shall any director who is so interested be liable
to account for us or the shareholders for any remuneration, profit or other benefit realized by the contract by reason of the director
holding that office or of the fiduciary relationship thereby established.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Any director having
an interest in a transaction submitted for approval to the board conflicting with our interest shall be obliged to advise the board
thereof and to cause a record of his statement to be included in the minutes of the meeting. He may not take part in these deliberations
nor in the vote of the resolution. At the next following general meeting, before any resolution is put to vote, a special report
shall be made on any transactions in which any of the directors may have had an interest conflicting with our interest.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">No shareholding qualification
for directors is required.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Directors and other
officers, past and present, are entitled to indemnification from us to the fullest extent permitted by law against liability and
all expenses reasonably incurred by him in connection with any claim, action, suit or proceeding in which he is involved by virtue
of his being or having been a director. We may purchase and maintain for any director or other officer insurance against any such
liability.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">No indemnification shall
be provided against any liability to us or our shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless
disregard of the duties involved in the conduct of his office. No indemnification will be provided in the event of a settlement
(unless approved by a court of competent jurisdiction or the board), nor will indemnification be provided in proceedings in which
that director or officer has been finally adjudicated to have acted in bad faith and not in the interest of the Company.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 9pt; font: 10pt Times New Roman, Times, Serif"><B><I>Transfer Agent
and Registrar</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The transfer agent and
registrar for our common shares is Computershare and all shares and shareholders have been transferred from the register held in
Luxembourg to the register held on our behalf by Computershare as our registrar and transfer agent. The holders of our shares may
elect to be entered in one of the registers and to be transferred from time to time from one register to another register provided
that our board of directors may however impose transfer restrictions for shares that are registered, listed, quoted, dealt in,
or have been placed in certain jurisdictions in compliance with the requirements applicable therein. The transfer to the register
kept in Luxembourg may always be requested by a shareholder.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>C.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a048v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>MATERIAL CONTRACTS</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">See &#147;Item 4. Information
on the Company&mdash;B. Business Overview.&#148;</P>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>D.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a049v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXCHANGE CONTROLS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><I>Foreign Exchange Controls</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In 1991, the Argentine
Convertibility Law established a fixed exchange rate according to which the Argentine Central Bank was statutorily obliged to sell
U.S. dollars to any individual at a fixed exchange rate of Ps.1.00 per $1.00. In 2001 Argentina experienced a period of severe
political, economic and social crisis, and on January 6, 2002, the Argentine congress enacted the Public Emergency Law abandoning
more than ten years of fixed Peso-U.S. dollar parity. After devaluing the Peso and setting the official exchange rate at Ps.1.40
per $1.00, on February 11, 2002, the Argentine government allowed the Peso to float. The shortage of U.S. dollars and their heightened
demand caused the Peso to further devaluate significantly in the first half of 2002. The Argentine Central Bank may indirectly
affect this market through its active participation. Due to the deterioration of the economic and financial situation in Argentina
during 2001 and 2002, in addition to the abandonment of the Peso-U.S. dollar parity, the Argentine government established a number
of monetary and currency exchange control measures, including a partial freeze on bank deposits, the suspension on payments of
its sovereign foreign debt, restrictions on the transfer of funds out of, or into, Argentina, and the creation of the Single Free
Foreign Exchange Market (&#147;Mercado &Uacute;nico y Libre de Cambios&#148;, or the &#147;FX Market&#148;) through which all
purchases and sales of foreign currency must be made. Since 2003, these restrictions have been progressively eased to some extent
until 2011. However due to the increase of the capital flow out of Argentina, the Argentine government recently imposed some additional
restrictions on the transfer of funds from Argentina. Accordingly, the following restrictions that could affect our Argentine operations
are in effect:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">(1) Argentine
entities have access to the FX Market for the purchase of foreign currency and its transfer abroad for, among other things:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">(a) Making
payments of principal on foreign financial indebtedness at maturity or less than 10 days in advance of the stated maturity to the
extent that the proceeds of the foreign indebtedness have remained in Argentina at least during the Waiting Period (as defined
below) or to make partial or full payments more than 10 days in advance of the stated maturity, provided that, among other cases,
(i) the payment is made with funds received from abroad as capital contributions or (ii) the payment is made with funds obtained
from new indebtedness granted by international Organizations and Official Export Credit Agencies provided that certain requirements
are met;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">(b) Making
payments of interest on foreign indebtedness on the stated interest payment date or less than 10 days prior to such stated interest
payment date, provided that the foreign debt has been disclosed under the Foreign Debt Information Regime and that the interest
to be paid accrued starting either (i) on the date the proceeds received from foreign indebtedness were sold in the FX Market or
(ii) on the date of disbursement of funds, provided that the foreign debt has been disclosed under the Foreign Debt Information
Regime and that those funds were credited in accounts of correspondent banks that are authorized to sell foreign exchange proceeds
in the FX Market within 2 days of disbursement thereof;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">(c) Making
payments for services rendered by foreign residents provided that certain requirements are met;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">(d) Making
payments for imported goods, on demand or in advance, provided that certain requirements are met (<I>e.g.</I>, nationalization
of the imported goods within certain specific terms and filing of the import documentation with the financial entity); and</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">(e) Making
payments of corporate profits and dividends to non-Argentine-resident shareholders, provided that the distribution of dividends
is approved on the basis of audited financial statements issued by the Argentine entity and certified by external auditors.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">(2) Argentine
entities are required to transfer into Argentina and sell for Pesos through the FX Market, among others, the proceeds from foreign
financial indebtedness and from foreign indebtedness qualifying as pre-export financing under the rules of the Argentine Central
Bank (the &#147;Pre-Export Financings&#148;) within the following 30 days and 10 business days after disbursement respectively;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">(3) Argentine
entities are required to transfer into Argentina and sell for Pesos in the FX Market all foreign currency proceeds from exports
of goods (except those that are applied to the repayment of Pre-Export Financings) and services within the certain times established
by the Ministry of Economy and the Argentine Central Bank;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">(4) No payments
on new foreign financial indebtedness (other than debt securities issued under a primary public offering and listed in self-regulated
markets, Pre-Export Financings, and indebtedness with multilateral and bilateral credit institutions and official credit agencies
granted to Argentine residents directly through related agencies) or their renewals or extensions can be made by any means before
a 365-day term has elapsed from the date on which the proceeds of the new foreign indebtedness have been transferred into Argentina
and converted into Pesos through the FX Market, or from the date of their renewal or extension (the &#147;Waiting Period&#148;)
unless the transaction qualifies for an exemption;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">(5) Upon their
transfer into Argentina and sale for Pesos through the FX Market, the proceeds of foreign financial indebtedness are subject to
the placement of a mandatory, non-interest bearing and non- transferrable bank deposit in U.S. dollars with an Argentine financial
entity in an amount equal to 30% of the aggregate amount of such proceeds so transferred for a term of 365 days (the &#147;Mandatory
Deposit&#148;). The Mandatory Deposit shall be applicable to the following transactions, among others: (i) incurrence of foreign
indebtedness; (ii) offerings involving primary or secondary offerings of capital stock or debt securities issued by companies domiciled
in Argentina which are not listed on self-regulated markets, to the extent they do not constitute direct investments (<I>i.e.</I>,
less than 10% of capital stock); (iii) non- residents&#146; portfolio investments made for the purpose of holding Argentine currency
and assets and liabilities in the financial and non-financial private sector in excess of $5,000 per calendar month, to the extent
that such investments are not the result of primary subscriptions of debt securities issued pursuant to a public offering and listed
in self-regulated markets and/or primary subscriptions of capital stock of companies domiciled in Argentina issued pursuant to
a public offering and listed in self regulated markets; (iv) non-residents&#146; portfolio investments made for the purpose of
purchasing any right in securities in the secondary market issued by the public sector; (v) non-residents&#146; portfolio investments
made for the purpose of purchasing primary offers of Central Bank securities issued in primary offerings; (vi) inflows of funds
to the Argentine foreign exchange market derived from the sale of foreign portfolio investments of Argentine residents within the
private sector in an amount in excess of $2.0 million per calendar month; and (vii) any inflow of funds to the Argentine foreign
exchange market made for the purpose of primary offers of bonds and other securities issued by a trust, whether or not issued pursuant
to a public offering and whether or not they are listed in self-regulated markets, to the extent that the funds to be used for
the purchase of any of the underlying assets would be subject to the non-interest bearing deposit requirement.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">The following
transactions are exempted from the application of the Mandatory Deposit, among others: (i) primary or secondary offerings of debt
securities or stock issued pursuant to a public offering and listed on a self-regulated market; (ii) foreign currency denominated
loans granted by a local financial entity under certain conditions; (iii) indebtedness with multilateral and bilateral credit institutions
and official credit agencies; (iv) the proceeds of foreign financial indebtedness; provided that (a) the proceeds from the exchange
settlement, net of taxes and expenses, are used to purchase foreign currency in order to pay principal on foreign debt and/or to
invest in long term foreign assets; or (b) the loan has a minimum average life of not less than two years, including payments of
principal and interest, and to the extent the proceeds of such loan are applied to make investments which are then registered among
other capitalized cost categories as &#147;property, plant and equipment&#148; (<I>bienes de uso</I>), &#147;research/exploration
costs&#148; (<I>gastos de</I> <I>investigation</I>, <I>prospecci&oacute;n y exploration</I>) or &#147;intangible assets&#148;
(<I>activos</I> <I>intangibles</I>) as part of the relevant debtor&#146;s balance sheet or &#147;inventory&#148; (<I>bienes
de cambio</I>); and (v) foreign trade financings; and</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">(6) Transfer
into Argentina and sale for Pesos through the FX Market of foreign investments of Argentine entities is subject to the Mandatory
Deposit on the amounts exceeding $2.0 million per calendar month.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">(7) Non-Argentine
residents require prior Argentine Central Bank approval to purchase foreign currency in the FX Market, unless the transaction qualifies
for an exemption. The Argentine Central Bank has established the following exemptions: (a) without limitation on the amount: for
the total amounts collected in Argentina under the sale and liquidation of a &#147;direct investment&#148; in Argentina (i.e.
sale of real property, sale of equity holdings, capital reduction and reimbursement of capital contributions in an Argentine company
where the investor holds more than 10% of the aggregate equity); and (b) up to the amount of US$ 500,000 per calendar month: for
the amounts collected under portfolio investments (including interest) and/or resulting from the sale of such portfolio investments
(i.e. stock portfolio and stockholdings in local companies, investment in mutual investment funds and local trusts, purchases of
bank credit portfolios, investments in local bonds issued in Argentine Pesos and purchases of other local credits).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">The above exemptions
are subject to compliance with certain requirements, including: (a) in the case of sale of portfolio investment, the non-Argentine
resident must file a certificate issued by a financial entity or exchange agency stating the amount of the investment and the date
in which the funds paid for such investment were transferred to Argentina and, if applicable, sold in the FX Market; and (b) in
the case of the re-patriation of &#147;direct investments&#148;, among other requirements, the non-Argentine investor was not
obliged to demonstrate that the funds paid for its investment or disbursement for its capital contribution were transferred and
sold in the FX Market (i.e. brought to Argentina and sold for Argentine pesos) in order to be allowed to repatriate (i.e. have
access to the FX Market to purchase foreign currency with Argentine pesos and transfer it abroad) the funds collected in Argentina
as a consequence of a subsequent sale or liquidation of such investment, or capital reduction or reimbursement.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In both cases, 365 days
period shall be elapsed since the investment has been made.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">On October
28, 2011, the Argentine Central Bank issued the Communication &#147;A&#148; 5237 which was later amended by Communication &#147;A&#148;
5649 that added new requirements for non-Argentine investors to repatriate funds collected in Argentina as a consequence of a sale
or liquidation of a &#147;direct investment&#148;.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif">Pursuant to
this Communication, in order for a non-Argentine investor to be allowed to have access to the FX Market to purchase foreign currency
with Argentine pesos collected in Argentina and transfer it abroad as a result of a subsequent sale or liquidation of a &#147;direct
investment&#148;, the non-Argentine investor must evidence that (i) the funds originally paid for such investment, were transferred
into Argentina and sold for pesos in the FX Market, and (ii) the foreign beneficiary of such sale or liquidation is a resident
or is incorporated in countries, domains, jurisdictions, territories, states, and others that are considered &#147;cooperative
for the purposes of tax transparency&#148; according to the provisions of Article 1 and 2 of Decree No. 589/13, its supplementary
rules and amendments (the &#147;Transfer Requirement&#148;). All &#147;direct investments&#148; made before October 28, 2011
are exempted from the Transfer Requirement. The Communication sets a &#147;burden&#148; to be met by any non-Argentine resident
who eventually needs to purchase foreign currency in the FX Market to repatriate Argentine-Peso denominated funds collected as
a result of the sale or liquidation of an investment. Conversely, if the foreign investor believes that it will not need to repatriate,
it is not required to comply with the Transfer Requirement, and therefore, the purchase price of such investment and any capital
contribution may be kept abroad. The Communication does not restrict the purchase of foreign currency to pay dividends to non-Argentine
residents.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On December 27, 2013,
the Argentine Tax Authority passed General Resolution No. 3576, regarding Decree No. 589/2013. This Resolution divides countries,
domains, jurisdictions, territories, states, and others cooperative for the purposes of tax transparency in the following categories:</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">a) Cooperative countries
that have signed an agreement to avoid double taxation or a tax information exchange agreement, and with which the exchange of
information is effectively provided;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">b) Cooperative countries
that have signed an agreement to avoid double taxation or a tax information exchange agreement, with which it is not possible to
determine whether or not the exchange is effectively provided;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">c) Cooperative countries
that have started to negotiate an agreement to avoid double taxation or a tax information exchange agreement or have started proceedings
to ratify an existing one.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On January 8, 2014
the Argentine Tax Authority published a list to determine whether a country is cooperative or not
(http://www.afip.gov.ar/genericos/novedades/jurisdiccionesCooperantes.asp).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Communication additionally
sets forth that in case of a transfer of rights of a foreign direct investment between non-Argentine residents, the Transfer Requirement
will be deemed complied with by the transferor if the investor (the &#147;Prior Investor&#148;) who sold the investment to the
transferor complied with the Transfer Requirement, as long as the Transfer Requirement were complied with by the Prior Investor
because its investment had been made as from the Effective Date. Therefore, the Communication allows repatriation to the selling
investor if the investor who originally sold the investment had already complied with the Transfer Requirement.</P>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>E.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a050v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TAXATION</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Material Luxembourg Tax Considerations
for Holders of Shares</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following is a summary
discussion of certain Luxembourg tax considerations of the acquisition, ownership and disposition of your shares that may be applicable
to you if you acquire our shares. This does not purport to be a comprehensive description of all of the tax considerations that
may be relevant to any of the Company&#146;s common shares, and does not purport to include tax considerations that arise from
rules of general application or that are generally assumed to be known to holders. This discussion is not a complete analysis or
listing of all of the possible tax consequences of such transactions and does not address all tax considerations that might be
relevant to particular holders in light of their personal circumstances or to persons that are subject to special tax rules.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">It is not intended to
be, nor should it be construed to be, legal or tax advice. This discussion is based on Luxembourg laws and regulations as they
stand on the date of this annual report and is subject to any change in law or regulations or changes in interpretation or application
thereof (and which may possibly have a retroactive effect). Prospective investors should therefore consult their own professional
advisers as to the effects of state, local or foreign laws and regulations, including Luxembourg tax law and regulations, to which
they may be subject.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As used herein, a &#147;Luxembourg
individual&#148; means an individual resident in Luxembourg who is subject to personal income tax (<I>imp&ocirc;t sur le revenu</I>)
on his or her worldwide income from Luxembourg or foreign sources, and a &#147;Luxembourg corporate holder&#148; means a company
(that is, a fully taxable entity within the meaning of Article 159 of the Luxembourg Income Tax Law) resident in Luxembourg subject
to corporate income tax (<I>imp&ocirc;t sur le revenu des collectivit&eacute;s</I>) on its worldwide income from Luxembourg or
foreign sources. For purposes of this summary, Luxembourg individuals and Luxembourg corporate holders are collectively referred
to as &#147;Luxembourg Holders&#148;. A &#147;non-Luxembourg Holder&#148; means any investor in shares of Adecoagro other than
a Luxembourg Holder.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Tax regime applicable
to realized capital gains</I></B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 18pt; font: 10pt Times New Roman, Times, Serif"><I>Luxembourg Holders</I></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Luxembourg resident
individual holders</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Capital gains realized
by Luxembourg resident individuals who do not hold their shares as part of a commercial or industrial business and who hold no
more than 10% of the share capital of the Company will only be taxable if they are realized on a sale of shares that takes place
before their acquisition or within the first six months following their acquisition.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">If such shares are held
as part of a commercial or industrial business, capital gains would be taxable in the same manner as income from such business.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For Luxembourg resident
individuals holding (together with his/her spouse or civil partner and underage children) directly or indirectly more than 10%
of the capital of Adecoagro, capital gains will be taxable, regardless of the holding period. In case of a sale of shares after
six months following their acquisition, a more favorable tax rate will apply.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Luxembourg resident
corporate holders</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Capital gains realized
upon the disposal of shares by a fully taxable resident corporate holder will in principle be subject to corporate income tax and
municipal business tax. The combined applicable rate (including an unemployment fund contribution) is 29.22% for the fiscal year
ending 2013 for a corporate holder established in Luxembourg-City. An exemption from such taxes may be available to the holder
pursuant to article 166 of the Luxembourg Income Tax Law subject to the fulfillment of the conditions set forth therein. The scope
of the capital gains exemption can be limited in the cases provided by the Grand Ducal Decree of December 21,2001.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Non-Luxembourg Holders</I></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">An individual who is
a non-Luxembourg Holder of shares (and who does not have a permanent establishment, a permanent representative or a fixed place
of business in Luxembourg) will only be subject to Luxembourg taxation on capital gains arising upon disposal of such shares if
such holder has (together with his or her spouse and underage children) directly or indirectly held more than 10% of the capital
of Adecoagro at any time during the past five years, and either (i) such holder has been a resident of Luxembourg for tax purposes
for at least 15 years and has become a non-resident within the last five years preceding the realization of the gain, subject to
any applicable tax treaty, or (ii) the disposal of shares occurs within six months from their acquisition (or prior to their actual
acquisition), subject to any applicable tax treaty.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A corporate non-Luxembourg
Holder (that is, an entity within the meaning of Article 159 of the Luxembourg Income Tax Law), which has a permanent establishment,
a permanent representative or a fixed place of business in Luxembourg to which shares are attributable, will bear corporate income
tax and municipal business tax on a gain realized on a disposal of such shares as set forth above for a Luxembourg corporate holder.
However, gains realized on the sale of the shares may benefit from the full exemption provided for by Article 166 of the Luxembourg
Income Tax Law and by the Grand Ducal Decree of December 21, 2001 subject in each case to fulfillment of the conditions set out
therein.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A corporate non-Luxembourg
Holder, which has no permanent establishment in Luxembourg to which the shares are attributable, will bear corporate income tax
on a gain realized on a disposal of such shares under the same conditions applicable to an individual non-Luxembourg Holder, as
set out above.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Tax regime applicable
to distributions</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Withholding tax</I></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Distributions imputed
for tax purposes on newly accumulated profits are subject to a withholding tax of 15%. The rate of the withholding tax may be reduced
pursuant to double tax avoidance treaty existing between Luxembourg and the country of residence of the relevant holder, subject
to the fulfillment of the conditions set forth therein.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">No withholding tax applies
if the distribution is made to (i) a Luxembourg resident corporate holder (that is, a fully taxable entity within the meaning of
Article 159 of the Luxembourg Income Tax Law), (ii) an undertaking of collective character which is resident of a Member State
of the European Union and is referred to by article 2 of the Council Directive of 2011/96 concerning the common fiscal regime applicable
to parent and subsidiary companies of different member states of November 20, 2011, (iii) a corporation or a cooperative company
resident in Norway, Iceland or Liechtenstein and subject to a tax comparable to corporate income tax as provided by the Luxembourg
Income Tax Law, (iv) an undertaking with a collective character subject to a tax comparable to corporate income tax as provided
by the Luxembourg Income Tax Law which is resident in a country that has concluded a tax treaty with Luxembourg, (v) a Luxembourg
permanent establishment of one of the afore-mentioned categories and (vi) a corporation company resident in Switzerland which is
subject to corporate income tax in Switzerland without benefiting from an exemption, provided that at the date of payment, the
holder holds or commits to hold directly or through a tax transparent vehicle, during an uninterrupted period of at least twelve
months, shares representing at least 10% of the share capital of Adecoagro or acquired for an acquisition price of at least EUR
1,200,000.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Luxembourg Holders</I></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">With the exception of
a Luxembourg corporate holders benefitting from the exemption referred to above, Luxembourg individual holders, and Luxembourg
corporate holders subject to Luxembourg corporation taxes, must include the distributions paid on the shares in their taxable income,
50% of the amount of such dividends being exempted from tax. The applicable withholding tax can, under certain conditions, entitle
the relevant Luxembourg Holder to a tax credit.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Net wealth tax</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Luxembourg Holders</I></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Luxembourg net wealth
tax will not be levied on a Luxembourg Holder with respect to the shares held unless (i) the Luxembourg Holder is a legal entity
subject to net wealth tax in Luxembourg; or (ii) the shares are attributable to an enterprise or part thereof which is carried
on through a permanent establishment, a fixed place of business or a permanent representative in Luxembourg.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Net wealth tax is levied
annually at the rate of 0.5% on the net wealth of enterprises resident in Luxembourg, as determined for net wealth tax purposes.
The shares may be exempt from net wealth tax subject to the conditions set forth by Paragraph 60 of the Law of October 16, 1934
on the valuation of assets (<I>Bewertungsgesetz</I>), as amended.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Non-Luxembourg Holders</I></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Luxembourg net wealth
tax will not be levied on a non-Luxembourg Holder with respect to the shares held unless the shares are attributable to an enterprise
or part thereof which is carried on through a permanent establishment or a permanent representative in Luxembourg.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Stamp and registration
taxes</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">No registration tax
or stamp duty will be payable by a holder of shares in Luxembourg solely upon the disposal of shares by sale or exchange.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Estate and gift taxes</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">No estate or inheritance
tax is levied on the transfer of shares upon the death of a holder of shares in cases where the deceased was not a resident of
Luxembourg for inheritance tax purposes and no gift tax is levied upon a gift of shares if the gift is not passed before a Luxembourg
notary or recorded in a deed registered in Luxembourg. Where a holder of shares is a resident of Luxembourg for tax purposes at
the time of his death, the shares are included in its taxable estate for inheritance tax or estate tax purposes.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>United States Federal
Income Taxation of the Company</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our business assets
and properties are located, and all of our employees and executives are based outside the United States. Our business is directly
conducted through operating companies organized under the laws of countries other than the United States. These non-U.S. operating
companies are indirectly owned by Adecoagro LP SCS, a holding company which is a societe commandite simple organized under the
laws of Luxembourg. As a partnership that is not engaged in a trade or business within the United States within the meaning of
section 864 of the Internal Revenue Code, Adecoagro LP SCS is not itself subject to U.S. federal net income taxes. We acquired
approximately 98 percent of Adecoagro LP SCS, predecessor company, IFH, prior to undertaking the IPO in exchange for our stock.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Under rules to prevent
expatriation of and by U.S. corporations and certain U.S. partnerships under Code section 7874(b), we would be treated as a U.S.
domestic corporation if for this purpose (i) we were deemed to have acquired substantially all of the assets constituting the trade
or business of a U.S. domestic partnership and (ii) former members of IFH were deemed to own at least 80% of our stock by reason
of the transfer of those trade or business assets (ignoring stock issued in the IPO for purposes of the 80% threshold) and (iii)
we were found not to conduct substantial business activities in Luxembourg. In that event, we would be subject to U.S. federal
net income tax on our worldwide income and dividends we pay would be subject to U.S. federal withholding tax at a 30% rate (subject
to reduction, to the extent the beneficial owner of the dividend is entitled to claim a reduced rate of withholding under an applicable
income tax treaty).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We believe that the
restructuring transactions executed prior to or in connection with the IPO should not be subject to section 7874(b). Accordingly,
we do not believe that we will be subject to U.S. taxation on a net income basis nor do we anticipate paying dividends subject
to U.S. federal withholding tax. However, the relevant rules are unclear in certain respects and there is limited guidance on the
application of the rules to acquisitions of partnerships or partnership assets constituting a trade or business. Accordingly, we
cannot assure you that the IRS will not seek to assert that we are a U.S. domestic corporation, which assertion if successful could
materially increase our U.S. federal income tax liability. Prospective holders who are non-United States persons should also note
that, in that event, we would be required to withhold tax from any dividends we pay to non-U.S. Holders (subject to any applicable
income tax treaties applicable to those non-U.S. Holders).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Shareholders are urged
to consult their own tax advisors about the possible application of section 7874. The remainder of this discussion assumes that
we are not treated as a U.S. corporation for U.S. federal income tax purposes.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Material U.S. Federal
Income Tax Considerations for U.S. Holders</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following is a discussion
of the material U.S. federal income tax considerations relating to the purchase, ownership and disposition of our common shares.
This discussion applies only to beneficial owners of common shares that are &#147;U.S. Holders&#148; (as defined below) and that
hold our common shares as &#147;capital assets&#148; (generally, property held for investment). This discussion is based on the
U.S. Internal Revenue Code of 1986, as amended, (the &#147;Code&#148;), final, temporary and proposed Treasury regulations, administrative
pronouncements and judicial decisions, all as currently in effect and all of which are subject to change (possibly with retroactive
effect) and to differing interpretations.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This discussion does
not address all U.S. federal income tax considerations that may be relevant to a particular holder based on its particular circumstances,
and you are urged to consult your own independent tax advisor regarding your specific tax situation. For example, the discussion
does not address the tax considerations that may be relevant to U.S. Holders in special tax situations, such as:<BR>
</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 90%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">insurance companies;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">tax-exempt organizations;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">brokers or dealers in securities or currencies and traders in securities that elect to mark to market;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">certain financial institutions;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">partnerships or other pass-through entities;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">holders whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">certain former U.S. citizens or residents or U.S. expatriates;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">holders that hold our common shares as part of a hedge, straddle or conversion or other integrated transaction; or</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">holders that own, directly, indirectly, or constructively, 10% or more of the total combined voting power of our common shares.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This discussion does
not address the alternative minimum tax consequences of holding common shares or the indirect consequences to holders of equity
interests in partnerships or other entities that own our common shares. Moreover, this discussion does not address the state, local
and foreign tax consequences of holding our common shares, or any aspect of U.S. federal tax law (such as the estate, generation
skipping and gift tax or the Medicare tax on net investment income) other than U.S. federal income taxation.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">You are a &#147;U.S.
Holder&#148; if you are a beneficial owner of our common shares and you are, for U.S. federal income tax purposes:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 90%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&bull;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an individual who is a citizen or resident of the United States;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a corporation, or any other entity taxable as a corporation, created or organized in or under the laws of the United States or any State thereof, including the District of Columbia;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 90%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an estate, the income of which is subject to U.S. federal income taxation regardless of its source;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a trust (a) if a court within the United States is able to exercise primary supervision over its administration and one or more U.S. persons have the authority to control all of its substantial decisions or (b) that has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">If a partnership (or
an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our common shares, the tax treatment
of a partner will generally depend upon the status of the partner and upon the activities of the partnership. A partner of a partnership
considering the purchase of our common shares should consult its own independent tax advisor.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">You should consult your
own independent tax advisor regarding the U.S. federal, state, local and non-U.S. income and other tax consequences of purchase,
ownership and disposition of our common shares in your particular circumstances.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Passive Foreign Investment
Company (&#147;PFIC&#148;) Rules</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">U.S. Holders generally
will be subject to a special, adverse tax regime that would differ in certain respects from the tax treatment described below if
we are, or were to become, a PFIC for U.S. federal income tax purposes.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In general, we will
be a PFIC with respect to a U.S. Holder if, for any taxable year in which the U.S. Holder held our common shares, either (i) at
least 75% of our gross income for the taxable year is passive income or (ii) at least 50% of the value (determined on the basis
of a quarterly average) of our assets is attributable to assets that produce or are held for the production of passive income.
For this purpose, passive income generally includes, among other things, dividends, interest, royalties, rents, annuities and gains
from assets that produce passive income. If a foreign corporation owns at least 25% by value of the stock of another corporation,
the foreign corporation is treated for purposes of the PFIC tests as owning its proportionate share of the assets of the other
corporation, and as receiving directly its proportionate share of the other corporation&#146;s income.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Although the determination
of whether a corporation is a PFIC is made annually, and thus may be subject to change, we do not believe that we were a PFIC for
U.S. federal income tax purposes for our most recently completed taxable year, nor that we will be one for our current taxable
year and we do not currently expect to become one in the foreseeable future. The remainder of this discussion assumes that we are
not a PFIC for U.S. federal income tax purposes.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Dividends</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Distributions with respect
to our common shares will, to the extent made from our current or accumulated earnings and profits as determined under U.S. federal
income tax principles, constitute dividends for U.S. federal income tax purposes. To the extent that any distribution exceeds the
amount of our earnings and profits, it will be treated as a non-taxable return of capital to the extent of the U.S. Holder&#146;s
adjusted tax basis in the common shares, and thereafter as capital gain.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We do not currently
maintain calculations of our earnings and profits under U.S. federal income tax principles. Unless and until these calculations
are made, distributions should be presumed to be taxable dividends for U.S. federal income tax purposes. As used below, the term
&#147;dividend&#148; means a distribution that constitutes a dividend for U.S. federal income tax purposes.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Cash dividends (including
amounts withheld on account of foreign taxes) paid with respect to our common shares generally will be includible in the gross
income of a U.S. Holder as ordinary income on the day on which the dividends are received by the U.S. Holder. Dividends with respect
to our common shares will not be eligible for the dividends received deduction allowed to corporations.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Certain non-corporate
U.S. Holders, including individuals, may be entitled to preferential rates of taxation with respect to dividends. Such preferential
rates of taxation are available for dividends paid by qualified foreign corporations. A foreign corporation will be treated as
a qualified foreign corporation with respect to dividends received from that corporation on common shares that are readily tradable
on an established securities market in the United States. As our shares are listed on the New York Stock Exchange, we believe dividends
paid by us will be eligible for these preferential rates. There can, however, be no assurance that our common shares will be considered
readily tradable on an established securities market in the future. A qualified foreign corporation also includes foreign corporations
eligible for the benefits of certain income tax treaties with the United States. If, as we anticipate, we are eligible for the
benefits of the income tax treaty between Luxembourg and the United States, dividends paid on our common shares would be eligible
for preferential rates of taxation without regard to the trading status of our common shares.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The amount of any cash
dividend paid in foreign currency will equal the U.S. dollar value of the distribution, calculated by reference to the exchange
rate in effect on the date the distribution is received, regardless of whether the payment is in fact converted to U.S. dollars
at that time. A U.S. Holder should not recognize any foreign currency gain or loss in respect of such distribution if such foreign
currency is converted into U.S. dollars on the date received. If the foreign currency is not converted into U.S. dollars on the
date received, however, gain or loss may be recognized upon a subsequent sale or other disposition of the foreign currency. Such
foreign currency gain or loss, if any, generally will be U.S.-source ordinary income or loss.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Dividends received by
most U.S. Holders will constitute foreign-source &#147;passive category&#148; income (&#147;general category income&#148; for
certain U.S. Holders) for U.S. foreign tax credit purposes. Subject to limitations under U.S. federal income tax law concerning
credits or deductions for foreign taxes and certain exceptions for short-term and hedged positions, a Luxembourg withholding tax
imposed on dividends described above under &#147;Material Luxembourg Tax Considerations for Holders of Shares&mdash;Tax regime
applicable to distributions&mdash;Withholding tax&#148; should be treated as a foreign income tax eligible for credit against
a U.S. Holder&#146;s U.S. federal income tax liability (or at a U.S. Holder&#146;s election, may be deducted in computing taxable
income if the U.S. Holder has elected to deduct all foreign income taxes for the taxable year). Special limitations on foreign
tax credits apply to dividends subject to the preferential rate of taxation for qualified dividends. The rules with respect to
foreign tax credits are complex and U.S. Holders are urged to consult their independent tax advisors regarding the availability
of the foreign tax credit under their particular circumstances.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Taxation of Capital
Gains</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Gain or loss realized
by a U.S. Holder on the sale, exchange or other taxable disposition of common shares will be subject to U.S. federal income taxation
as capital gain or loss in an amount equal to the difference between the amount realized (including the gross amount of the proceeds
before the deduction of any foreign tax) on the sale or other taxable disposition and such U.S. Holder&#146;s adjusted tax basis
in the common shares. Capital gains of certain non-corporate U.S. Holders, including individuals, derived with respect to capital
assets held for more than one year generally are eligible for various reduced rates of taxation. The deductibility of capital losses
is subject to limitations under the Code.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Capital gain or loss,
if any, realized by a U.S. Holder on the sale, exchange or other taxable disposition of a common share generally will be treated
as U.S. source income or loss for U.S. foreign tax credit purposes. Consequently, in the case of a disposition of a share that
is subject to Luxembourg or other foreign income tax imposed on the gain, the U.S. Holder may not be able to benefit from the foreign
tax credit for that foreign income tax (<I>i.e.</I>, because the income or loss on the disposition would be U.S. source). Alternatively,
the U.S. Holder may take a deduction for the foreign income tax if such holder does not take a credit for any foreign income tax
during the taxable year.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Information Reporting
and Backup Withholding</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In general, dividends
on common shares, and payments of the proceeds of a sale, exchange or other taxable disposition of common shares, paid within the
U.S. or through certain U.S. related financial intermediaries to a U.S. Holder are subject to information reporting and may be
subject to backup withholding unless the holder is an exempt recipient or, in the case of backup withholding, provides an accurate
taxpayer identification number and certifies under penalty of perjury that the holder is a U.S. person and is not subject to backup
withholding.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Backup withholding is
not an additional tax.&nbsp;&nbsp;Any amounts withheld&nbsp;&nbsp;under the backup withholding rules generally will be allowed
as a refund or a credit against a U.S. Holder&#146;s U.S. federal income tax liability, provided that the required information
is timely furnished to the IRS.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Certain U.S. Holders
who hold interests in &#147; specified foreign financial assets,&#148;&nbsp;&nbsp;(as defined in Section 6038D of the Code) are
generally required to file an IRS Form 8938 as part of their U.S. federal income tax returns to report their ownership of such
specified foreign financial assets, which may include our common shares, if the total value of those assets exceeds certain thresholds.&nbsp;&nbsp;Investors
who fail to report this required information could become subject to substantial penalties.&nbsp;&nbsp;In addition, in the event
that a U.S. Holder that is required to file IRS Form 8938 does not file such form, the statute of limitations on the assessment
and collection of U.S. federal income taxes of such holders for the related tax year may not close until three years after the
date that the required information is filed.&nbsp;&nbsp;U.S. Holders are encouraged to consult with their own tax advisors regarding
their tax reporting obligations.</P>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>F.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a051v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DIVIDENDS AND PAYING AGENTS</B></FONT></TD></TR>
</TABLE>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Not applicable.</P>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>G.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a052v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>STATEMENT BY EXPERTS</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Not applicable.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>H.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a053v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DOCUMENTS ON DISPLAY</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We are required to file
annual and special reports and other information with the SEC. You may read and copy any documents filed by the Company at the
SEC&#146;s public reference room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330
for further information on the public reference room. The SEC also maintains a website at http://www.sec.gov which contains reports
and other information regarding registrants that file electronically with the SEC.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>I.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a054v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SUBSIDIARY INFORMATION</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Not applicable.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%"><B>Item 11.</B></TD>
    <TD STYLE="width: 90%; text-align: justify"><A NAME="a055v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Quantitative and Qualitative Disclosures About Market Risk</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In the normal course
of business, we are exposed to commodity price and interest rate risks, primarily related to our crop production activities and
changes in exchange rates and interest rates. We manage our exposure to these risks through the use of various financial instruments,
none of which are entered into for trading purposes. We have established policies and procedures governing the use of financial
instruments, specifically as they relate to the type and volume of such financial instruments. Our use of financial derivative
instruments is associated with our core business and is regulated by internal control policies. For further information on our
market risks, please see Note 3 to our Consolidated Financial Statements.</P>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%"><B>Item 12.</B></TD>
    <TD STYLE="width: 90%; text-align: justify"><A NAME="a056v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Description of Securities Other than Equity Securities</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>A.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a057v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DEBT SECURITIES</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Not applicable.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>B.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a058v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WARRANTS AND RIGHTS</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Not applicable.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>C.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a059v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>OTHER SECURITIES</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Not applicable.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>D.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><A NAME="a060v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AMERICAN DEPOSITORY SHARES</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Not applicable.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><A NAME="a061v2"></A>PART
II</B></P>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%"><B>Item 13.</B></TD>
    <TD STYLE="width: 90%; text-align: justify"><A NAME="a062v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Defaults, Dividend Arrearages and Delinquencies</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Not applicable.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%"><B>Item 14.</B></TD>
    <TD STYLE="width: 90%; text-align: justify"><A NAME="a063v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Material Modifications to the Rights of Security Holders and Use of Proceeds</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Not applicable.</P>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 10%"><B>Item 15.</B></TD>
    <TD STYLE="width: 90%; text-align: justify"><A NAME="a064v2"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Controls and Procedures</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>a) Disclosure Controls and Procedures</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our company&#146;s
management, with the participation of the Chief Executive Officer and Chief Financial Officer, conducted an evaluation pursuant
to Rule 13a-15 promulgated under the Securities Exchange Act of 1934, of the effectiveness of our disclosure controls and procedures
as of December 31, 2014. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures,
including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even
effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.&nbsp;Based
on this evaluation, our company&#146;s Chief Executive Officer and Chief Financial Officer concluded that such disclosure controls
and procedures were effective as of December 31, 2014.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>b) Management&#146;s
Annual Report on Internal Control over Financial Reporting</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Company&#146;s
Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules&nbsp;13a-15(f)
and 15d-15(f) under the Securities Exchange Act of 1934. The Company&#146;s internal control over financial reporting is a process
designed under the supervision of the Company&#146;s Chief Executive Officer and Chief Financial Officer that: (i)&nbsp;pertains
to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the
Company&#146;s assets; (ii)&nbsp;provides reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements for external reporting in accordance with generally accepted accounting principles, and that receipts and
expenditures are being made only in accordance with authorization of the Company&#146;s management and directors; and (iii)&nbsp;provides
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company&#146;s
assets that could have a material effect on the financial statements.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Because of its inherent
limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedure may deteriorate. The Company, with the participation of its Chief
Executive Officer and Chief Financial Officer, has assessed the effectiveness of the Company&#146;s internal control over financial
reporting as of December 31, 2014.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We assessed the effectiveness
of the Company&#146;s internal controls over financial reporting as of December 31, 2014. In making this assessment, management
used the criteria established in &#147;Internal Control &mdash; Integrated Framework (2013)&#148; issued by the Committee of
Sponsoring Organizations of the Treadway Commission (&#147;COSO&#148;). As a result of this assessment, the Company&#146;s management
has determined that the Company&#146;s internal control over financial reporting was effective as of December 31, 2014.</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>c) Attestation Report of the Registered
Public Accounting Firm</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Price Waterhouse &amp;
Co S.R.L, an independent registered public accounting firm, our independent auditor, issued an attestation report on Internal Control
Over Financing Reporting on April 30, 2014. The report of Price Waterhouse &amp; Co S.R.L, our independent auditor,on our internal
control over financial reporting is included herein at page F-2 of our Consolidated Financial Statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>d) Changes in internal
control over financial reporting</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As required by Rule&nbsp;13a-15(d),
under the Exchange Act, our management, including our Chief Executive Officer and Chief Financial Officer, conducted an evaluation
of our internal control over financial reporting to determine whether any change occurred during the period covered since the last
report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Based on this evaluation, it has been determined that there has been no change during the period covered by this annual report
that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><A NAME="a065v2"></A>Item
16.</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 63pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><A NAME="a066v2"></A>Item
16A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Committee Financial Expert</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our audit committee
consists of four independent directors: Mr. Pl&iacute;nio Musetti, Mr. Mark Schachter, Mr. Daniel Gonz&aacute;lez and Mr. Andr&eacute;s
Velasco Bra&ntilde;es. Our board of directors has determined that Mr. Mark Schachter has the attributes of an &#147;audit committee
financial expert&#148; and is independent within the meaning of this Item 16A and satisfies the financial literacy requirements
of the NYSE.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 63pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><A NAME="a067v2"></A>Item
16B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code of Ethics</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We have adopted a code
of ethics and business conduct that applies to our directors, executive officers and all employees. The text of our code of ethics
is posted on our web site at: www.adecoagro.com.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 63pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><A NAME="a068v2"></A>Item
16C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Accountant Fees and Services</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
sets forth the aggregate fees by categories specified below in connection with certain professional services rendered by Price
Waterhouse &amp; Co. S.R.L., a member firm of Price WaterhouseCoopers International Limited Network, an independent registered
accounting public firm and our principal external auditors, for the periods indicated. Except as set forth below, we did not pay
any other fees to our auditors during the periods indicated below.</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>For
                                         the year ended</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>December 31,</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(in
    thousands of $)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 78%; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Audit Fees (1)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,546</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,719</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Audit- Related Fees (2)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">61</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">62</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.05pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,607</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,781</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 4%; text-indent: 0pt; text-align: left; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&#147;Audit fees&#148;
    means the aggregate fees billed for professional services rendered by our principal auditors for the audit of our annual financial
    statements.</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0pt; text-align: left; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&#147;Audit-related fees&#148; represents
    aggregate fees billed for professional services rendered by our principal auditors for the assurance and related services,
    as well as in connection with audit related services for SEC or other regulatory filings.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Audit Committee Approval
Policies and Procedures</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Audit Committee
has adopted pre-approval policies and procedures requiring that all audit and non-audit services performed by our independent auditors
must be pre-approved by the Audit Committee. The Audit Committee annually reviews and pre-approves the services that may be provided
by the independent auditors without obtaining specific pre-approval from the Audit Committee. Any service proposals submitted by
external auditors that are not pre-approved services need to be discussed and approved by the Audit Committee during its meetings.
Once the proposed service is approved, we or our subsidiaries formalize the engagement of services.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Audit Committee
or its Chairman, or any member of the Audit Committee to whom such authority is delegated, may approve in advance any permitted
audit or permited non-audit services and fees up to a predetermined amount. The Audit Committee is authorized to establish other
policies and procedures for the pre-approval of such services and fees. The Audit Committee approved all of the non-audit services
described above and determined that the provision of such services is compatible with maintaining the independence of Price Waterhouse
&amp; Co. S.R.L.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 63pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><A NAME="a069v2"></A>Item
16D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exemptions from the Listing Standards for Audit Committees</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Not applicable.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 63pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><A NAME="a070v2"></A>Item
16E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of Equity Securities by the Issuer and Affiliated Purchasers</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-top: black 1pt solid; vertical-align: bottom; width: 20%; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; border-top: black 1pt solid; vertical-align: middle; width: 20%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(a)
    Total Number of <BR>Shares (Units) <BR>Purchased</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; border-top: black 1pt solid; vertical-align: middle; width: 20%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(b)
    Average Price <BR>Paid per Share</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; border-top: black 1pt solid; width: 20%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(c)
    Total Number of <BR>Shares Purchased as <BR>Part of Publicly <BR>Announced Plans or <BR>Programs</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding-left: 9pt; width: 20%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(d)
    Maximum <BR>Number of Shares <BR>that may yet be <BR>Purchased Under the <BR>Plans or Programs</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">09/01/2013 - 09/30/2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">55,899</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.52</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">55,899</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,063,192</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10/01/2013 - 10/31/2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">74,676</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.61</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">74,676</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,988,516</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11/01/2013 - 11/30/2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">59,273</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.88</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">59,273</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,929,243</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12/01/2013 -12/31/2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">464,606</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.84</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">464,606</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,464,637</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">01/01/2014/ - 01/31/2014</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">785,517</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.71</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">785,517</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,679,120</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">02/01/2014 - 02/28/2014</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">903,875</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.71</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">903,875</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,775,245</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">03/01/2014 - 03/31/2014</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">74,992</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.84</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">74,992</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,700,253</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,418,838</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7.73</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,418,838</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The total number of shares
purchased set forth above were purchased pursuant to the Company&acute;s Repurchase Program adopted on September 12, 2013. See
&#147;Item 10 &ndash; Additional Information &ndash; Repurchase of Shares&#148;.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 63pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><A NAME="a071v2"></A>Item
16F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Registrant&#146;s Certifying Accountant</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Not applicable.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 63pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><A NAME="a072v2"></A>Item
16G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Governance</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our corporate governance
practices are governed by Luxembourg law (particularly the law of August 10th, 1915 on commercial companies) and our articles of
association. As a Luxembourg company listed on the NYSE, we are not required to comply with all of the corporate governance listing
standards of the NYSE. We, however, believe that our corporate governance practices meet or exceed, in all material respects, the
corporate governance standards that are generally required for controlled companies by the NYSE. The following is a summary of
the significant ways that our corporate governance practices differ from the corporate governance standards required for listed
U.S. companies by the NYSE (provided that our corporate governance practices may differ in non-material ways from the standards
required by the NYSE that are not detailed here):</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Majority of Independent
Directors</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Under NYSE standards, U.S.
listed companies must have a majority of independent directors. There is no legal obligation under Luxembourg law to have a majority
of independent directors on the board of directors.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Non-management Directors&#146;
Meetings</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Under NYSE standards,
non-management directors must meet at regularly scheduled executive sessions without management present and, if such group includes
directors who are not independent, a meeting should be scheduled once per year including only independent directors. Neither Luxembourg
law nor our Articles of Association require the holding of such meetings ad we do not have a set policy for these meetings. Our
Articles of Association provide, however, that the board shall meet as often as required by the best interest of the Company. For
additional information, see &#147;Item 6. Directors, Senior Management and Employees&mdash;A. Directors and Senior Management.&#148;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Communication with Non-Management
Directors</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">NYSE-listed companies
are required to provide a method for interested parties to communicate directly with the non-management directors as a group. Shareholders
may send communications to the Company&#146;s non-management directors by writing to Mr. Pl&iacute;nio Musetti at Rua Amauri,
255 - 17th Floor, Jardim Europa, S&atilde;o Paulo, SP 01448-000, Brazil, telephone: (5511) 3035-1588. Communications will be referred
to the Presiding Director for appropriate action. The status of all outstanding concerns addressed to the Presiding Director will
be reported to the board of directors as appropriate.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Audit Committee</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Under NYSE standards,
listed U.S. companies are required to have an audit committee composed of independent directors that satisfies the requirements
of Rule 10A-3 promulgated under the Exchange Act of 1934. Our Articles of Association provide that the board of directors may set
up an audit committee. The board of directors has set up an Audit Committee and has appointed Mr. Pl&iacute;nio Musetti, Mr. Mark
Schachter , Mr. Daniel Gonzalez and Mr. Andres Velasco Bra&ntilde;es as members of its audit committee. In accordance with NYSE
standards, we have an audit committee entirely composed of independent directors. For additional information, see &#147;Item 6.
Directors, Senior Management and Employees&mdash;C. Board Practices&#148;.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Under NYSE standards,
all audit committee members of listed U.S. companies are required to be financially literate or must acquire such financial knowledge
within a reasonable period and at least one of its members shall have experience in accounting or financial administration. In
addition, if a member of the audit committee is simultaneously a member of the audit committee of more than three public companies,
and the listed company does not limit the number of audit committees on which its members may serve, then in each case the board
must determine whether the simultaneous service would prevent such member from effectively serving on the listed company&#146;s
audit committee and shall publicly disclose its decision. No comparable provisions on audit committee membership exist under Luxembourg
law or our articles of association.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Standards for Evaluating
Director Independence</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Under NYSE standards,
the board is required, on a case by case basis, to express an opinion with regard to the independence or lack of independence of
each individual director. Neither Luxembourg law nor our Articles of Association require the board to express such an opinion.
In addition, the definition of &#147;independent&#148; under the rules of the NYSE differs in some non-material respects from
the definition contained in our Articles of Association.</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Audit Committee Responsibilities</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Pursuant to our Articles
of Association, the audit committee shall assist the board of directors in fulfilling its oversight responsibilities relating to
the integrity of the Company&#146;s financial statements, including periodically reporting to the board of directors on its activity
and the adequacy of the Company&#146;s system of internal controls over financial reporting. As per the audit committee charter,
as amended, the audit committee shall make recommendations for the appointment, compensation, retention and oversight of, and consider
the independence of, the company&#146;s external auditors. The audit committee is required to review material transactions (as
defined by the Articles of Association) between us or our subsidiaries with related parties, perform such other duties imposed
to it by laws and regulations of the regulated market(s) on which the shares of the Company are listed, and also perform the other
duties entrusted to it by the board.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The NYSE requires certain
matters to be set forth in the audit committee charter of U.S. listed companies. Our audit committee charter provides for many
of the responsibilities that are expected from such bodies under the NYSE standard; however, due to our equity structure and holding
company nature, the charter does not contain all such responsibilities, including provisions related to setting hiring policies
for employees or former employees of independent auditors.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Nominating/Corporate
Governance Committee.</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The NYSE requires that
a listed U.S. company have a nominating/corporate governance committee of independent directors and a committee charter specifying
the purpose, duties and evaluation procedures of the committee. As permitted under Luxembourg law and our Articles of Association,
we do not currently have a nominating or corporate governance committee.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Shareholder Voting on
Equity Compensation Plans</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Under NYSE standards,
shareholders of U.S. listed companies must be given the opportunity to vote on equity compensation plans and material revisions
thereto, except for employment inducement awards, certain grants, plans and amendments in the context of mergers and acquisitions,
and certain specific types of plans. Neither Luxembourg corporate law nor our articles of incorporation require shareholder approval
of equity based compensation plans. Luxembourg law only requires approval of the board of directors for the adoption of equity
based compensation plans.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Disclosure of Corporate
Governance Guidelines</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">NYSE-listed companies
must adopt and disclose corporate governance guidelines. Neither Luxembourg law nor our Articles of Association require the adoption
or disclosure of corporate governance guidelines. Our board of directors follows corporate governance guidelines consistent with
our equity structure and holding company nature, but we have not codified them and therefore do not disclose them on our website.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Code of Business Conduct
and Ethics</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Under NYSE standards,
listed companies must adopt and disclose a code of business conduct and ethics for directors, officers and employees, and promptly
disclose any waivers of the code for directors or executive officers. Neither Luxembourg law nor our Articles of Association require
the adoption or disclosure of such a code of conduct.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We have adopted a code
of ethics and business conduct that applies to our directors, executive officers and all employees. The text&nbsp;&nbsp;of our
code of ethics is posted on our web site at: <U>www.adecoagro.com</U>. And substantially complies with the NYSE&acute;s requirements
under the Code of Business Conduct and Ethics.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Chief Executive Officer
Certification</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A chief executive officer
of a U.S. company listed on NYSE must annually certify that he or she is not aware of any violation by the company of NYSE corporate
governance standards. In accordance with NYSE rules applicable to foreign private issuers, our chief executive officer is not required
to provide NYSE with this annual compliance certification. However, in accordance with NYSE rules applicable to all listed companies,
our chief executive officer must promptly notify NYSE in writing after any of our executive officers becomes aware of any noncompliance
with any applicable provision of NYSE&#146;s corporate governance standards. In addition, we must submit an executed written affirmation
annually and an interim written affirmation each time a change occurs to the board or the audit committee.</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 63pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><A NAME="a073v2"></A>Item
16H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine Safety Disclosure</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Not applicable.</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><A NAME="a074v2"></A><B>PART
III</B>&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><A NAME="a075v2"></A>Item
17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We have responded to
Item 18 in lieu of responding to this item.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><A NAME="a076v2"></A>Item
18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements.</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">See pages F-1 through
F-85 of this annual report.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><A NAME="a077v2"></A>Item
19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Exhibit
    Number&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 89%; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Description&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.1</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amended and Restated Articles of Association of Adecoagro S.A. dated May 22, 2013. Filed as Exhibit 1.1 to the Company&#146;s Annual Report on Form 20-F for the year ended December 31, 2013 filed with the Securities and Exchange Commission on April 30, 2014 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.1</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loan Agreement, dated December 19, 2008, between Adeco Agropecuaria S.A., Pilag&aacute; S.R.L. and Inter-American Development Bank, previously filed as exhibit 10.1 to the Company&#146;s registration statement on Form F-1 (File No. 333-171683) filed with the Securities and Exchange Commission on January 13, 2011 (&#147;Form F-1&#148;) and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.2</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">First Amendment Offer to Loan Agreement, dated February 20, 2009, between Adeco Agropecuaria S.A., Pilag&aacute; S.R.L. and Inter-American Development Bank, previously filed as exhibit 10.2 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.3</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second Amendment Offer to Loan Agreement, dated December 29, 2009, between Adeco Agropecuaria S.A., Pilag&aacute; S.R.L. and Inter-American Development Bank, previously filed as exhibit 10.3 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.4</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Third Waiver Request to Loan Agreement, dated March 30, 2010, between Adeco Agropecuaria S.A., Pilag&aacute; S.R.L. and Inter-American Development Bank, previously filed as exhibit 10.4 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.5</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fourth Amendment Offer to Loan Agreement, dated May 14, 2010, between Adeco Agropecuaria S.A., Pilag&aacute; S.R.L. and Inter-American Development Bank, previously filed as exhibit 10.5 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.6</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fifth Amendment Offer to Loan Agreement, dated November 8, 2010, between Adeco Agropecuaria S.A., Pilag&aacute; S.R.L. and Inter-American Development Bank, previously filed as exhibit 10.37 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.7</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amendment Offer to Loan Agreement, dated March 24, 2011, between Adeco Agropecuaria S.A., Pilag&aacute; S.R.L. and Inter-American Development Bank, previously filed as Exhibit 4.7 to the Company&#146;s annual report on Form 20-F for the year ended December 31, 2011 and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 89%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.8</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amendment Offer 02/2011 to Loan Agreement, dated November 9, 2011, between Adeco Agropecuaria S.A., Pilag&aacute; S.A. and Inter-American Development Bank, previously filed as Exhibit 4.8 to the Company&#146;s annual report on Form 20-F for the year ended December 31, 2011 and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.9</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Senior Secured Loan Facility, dated July 28, 2010, between Ang&eacute;lica Agroenergia Ltda. and Deutsche Bank AG, London Branch, previously filed as exhibit 10.6 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.10</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Financing Agreement, dated July 13, 2007, between Ang&eacute;lica Agroenergia Ltda. and a syndicate of banks, previously filed as exhibit 10.7 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.11</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">First Amendment to Export Prepayment Financing Agreement, dated March 4, 2010, between Ang&eacute;lica Agroenergia Ltda. and a syndicate of banks, previously filed as exhibit 10.8 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.12</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of Financing Agreement through BNDES Repasse, dated February 1, 2008, between Adeco Brasil Participa&ccedil;&otilde;es S.A. and a syndicate of banks, previously filed as exhibit 10.9 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.13</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of First Amendment to Financing Agreement BNDES Repasse, dated July 1, 2008, between Ang&eacute;lica Agroenergia Ltda. and a syndicate of banks, previously filed as exhibit 10.10 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.14</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of Second Amendment to Financing Agreement BNDES Repasse, dated March 4, 2010, between Ang&eacute;lica Agroenergia Ltda. and a syndicate of banks, previously filed as exhibit 10.11 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.15</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of Credit Facility, dated July 30, 2010, between Ang&eacute;lica Agroenergia Ltda. and Banco do Brasil S.A., previously filed as exhibit 10.12 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.16</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unit Issuance Agreement, dated February 16, 2006, between International Farmland Holdings LLC and Usina Monte Alegre S.A., previously filed as exhibit 10.13 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.17</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share Purchase and Sale Agreement, dated February 16, 2006, between International Farmland Holdings LLC and Usina Monte Alegre S.A., previously filed as exhibit 10.14 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.18</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Right of First Offer Agreement, dated February 16, 2006, between International Farmland Holdings LLC and Usina Monte Alegre S.A., previously filed as exhibit 10.15 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.19</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Supply Offer Letter for milk, dated November 7, 2007, between La L&aacute;cteo S.A. and Adeco Agropecuaria S.R.L., previously filed as exhibit 10.16 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.20</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amendment to Supply Offer Letter for milk, dated February 1, 2010, between La L&aacute;cteo S.A. and Adeco Agropecuaria S.R.L., previously filed as exhibit 10.17 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.21</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Commercial Contract for sugar, dated March 23, 2010, between Ang&eacute;lica Agroenergia Ltda. and Bunge International Commerce Ltd., previously filed as exhibit 10.18 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.22</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amendment to Commercial Contract for sugar, dated June 17, 2010, between Ang&eacute;lica Agroenergia Ltda. and Bunge International Commerce Ltd., previously filed as exhibit 10.19 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 89%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.23</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of Consignment Contract, dated February 19, 2000, between Molinos Ala S.A. (currently Pilag&aacute; S.R.L.) and Establecimiento Las Mar&iacute;as S.A.C.I.F.A., previously filed as exhibit 10.20 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.24</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of Sale Agreement, dated July 8, 2009, between Pilag&aacute; S.R.L. and Galicia Warrants S.A., previously filed as exhibit 10.21 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.25</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of Mortgage, dated July 8, 2009, between Pilag&aacute; S.R.L. and Galicia Warrants S.A., previously filed as exhibit 10.22 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.26</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of Reserve Power Agreement, dated February 6, 2009, between Ang&eacute;lica Agroenergia Ltda. and C&acirc;mara de Comercializa&ccedil;&atilde;o de Energia El&eacute;trica, previously filed as exhibit 10.23 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.27</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of Energy Purchase Contract, dated January 19, 2009, between Usina Monte Alegre Ltda. and Cemig Gera&ccedil;&atilde;o e Transmiss&atilde;o S.A., previously filed as exhibit 10.24 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.28</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of Energy Distribution Contract, dated June 3, 2008 between Ang&eacute;lica Agroenergia Ltda. and Empresa Energ&eacute;tica do Mato Grosso do Sul., previously filed as exhibit 10.25 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.29</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of First Amendment to Energy Distribution Contract, dated April 6, 2009 between Ang&eacute;lica Agroenergia Ltda. and Empresa Energ&eacute;tica do Mato Grosso do Sul., previously filed as exhibit 10.26 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.30</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of Second Amendment to Energy Distribution Contract, dated May 1, 2010 between Ang&eacute;lica Agroenergia Ltda. and Empresa Energ&eacute;tica do Mato Grosso do Sul.,&nbsp;&nbsp;previously filed as exhibit 10.27 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.31</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of Sale Agreement for cattle, dated December 14, 2009, between Adeco Agropecuaria S.A. and Quickfood S.A., previously filed as exhibit 10.29 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.32</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of First Amendment to Sale Agreement for cattle, dated December 16, 2009, between Adeco Agropecuaria S.A. and Quickfood S.A., previously filed as exhibit 10.30 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.33</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of Second Amendment to Sale Agreement for cattle, dated December 17, 2009, between Adeco Agropecuaria S.A. and Quickfood S.A., previously filed as exhibit 10.31 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.34</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of Stock Purchase Agreement, dated August 23, 2010, between Kadesh Hispania, S.L., Leterton Espa&ntilde;a, S.L. and Dinaluca S.A., previously filed as exhibit 10.32 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.35</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form of Registration Rights Agreement between Adecoagro S.A. and certain shareholders, previously filed as exhibit 10.33 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.36</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second Amendment to Export Prepayment Financing Agreement, dated December 14, 2010, between Ang&eacute;lica Agroenergia Ltda. and a syndicate of banks, previously filed as exhibit 10.38 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 89%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.37</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of Third Amendment to Financing Agreement BNDES Repasse, dated December 14, 2010, between Ang&eacute;lica Agroenergia Ltda. and a syndicate of banks, previously filed as exhibit 10.39 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.38</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of First Amendment to Credit Facility, dated December 18, 2010, between Ang&eacute;lica Agroenergia Ltda. and Banco do Brasil S.A., previously filed as exhibit 10.40 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.39</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stock Subscription Agreement, dated January 6, 2011, between Adecoagro S.A. and Al Gharrafa Investment Company, previously filed as exhibit 10.41 to the Company&#146;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.40</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of Promise to Sell, dated December 21, 2010, between Kelizer S.C.A. and Las Mesetas S.A.,&nbsp;previously filed as exhibit 4.40&nbsp;to the&nbsp;Company&#146;s Annual Report on&nbsp;Form 20- for fiscal year-end 2010 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; padding-left: 0t; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.41</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of Stock Purchase Agreement, dated August 18, 2011, between Kadesh Hispania, S.L., Leterton Espa&ntilde;a, S.L. and Compa&ntilde;&iacute;a Agroforestal de Servicios y Mandatos S.A., previously filed as Exhibit 4.41 to the Company&#146;s annual report on Form 20-F for the year ended December 31, 2011 and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.42</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">English translation of Stock Purchase Agreement, dated August 19, 2011, between Kadesh Hispania, S.L.,&nbsp;&nbsp;Leterton Espa&ntilde;a, S.L. and Simoneta S.A., previously filed as Exhibit 4.42 to the Company&#146;s annual report on Form 20-F for the year ended December 31, 2011 and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.43</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility, dated November 5, 2014 by and among Adecoagro Vale do Ivinhema S.A., Adecoagro Brasil Participacoes S.A., Usina Monte Alegre Ltda., ING Captal LLC, Rabobank Curacao N.V., ING Bank N.V., ING BANK N.V. Sao Paulo Branch and other Lenders party thereto..</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8.1</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 89%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subsidiaries of Adecoagro S.A. as of April 30, 2015.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>12.1</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>12.2</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13.1</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13.2</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>15.1</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent of Cushman &amp; Wakefield Argentina S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 5.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>15.2</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent of Price Waterhouse &amp; Co. S.R.L.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B></B></P>

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<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SIGNATURES</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 25pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The registrant hereby
certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned
to sign this annual report on its behalf.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Adecoagro S.A.</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: left">/s/ Mariano Bosch</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name: Mariano Bosch</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Executive Officer</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Date: April 30, 2015</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin: 0"></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 18pt Times New Roman, Times, Serif; color: #808080"><B>Adecoagro
S.A.</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 18pt Times New Roman, Times, Serif; color: #808080"><B>Consolidated
Financial Statements as of December 31, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012</B></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: #808080">&nbsp;</P>



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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Report
of Independent Registered Public Accounting Firm</B></FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In our opinion, the accompanying
consolidated statement of financial position and the related consolidated statements of income, comprehensive income, changes in
shareholders&#146;s equity and cash flows present fairly, in all material respects, the financial position of Adecoagro S.A. and
its subsidiaries at December 31, 2014 and 2013, and the results of their operations and their cash flows for each of the three
years in the period ended December 31, 2014 in conformity with International Financial Reporting Standards as issued by the International
Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over
financial reporting as of December 31, 2014, based on criteria established in Internal Control - Integrated Framework (2013) issued
by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company&#146;s management is responsible for
these financial statements, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness
of internal control over financial reporting, included in the accompanying &#147;Management&#146;s Annual Report on Internal
Control over Financial Reporting&#148;. Our responsibility is to express opinions on these financial statements and on the Company&#146;s
internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards
of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal
control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal
control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the
risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based
on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances.
We believe that our audits provide a reasonable basis for our opinions.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A company&#146;s internal
control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
A company&#146;s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only
in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#146;s assets that could have a
material effect on the financial statements.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Because of its inherent
limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Buenos Aires, Argentina</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">April 29, 2015</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">PRICE WATERHOUSE &amp;
CO. S.R.L<U>.</U></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 25%; background-color: white">
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by</FONT> /s/ Marcelo de Nicola <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Partner) </FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Marcelo de Nicola</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Legal
information</B></FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Denomination:</B> Adecoagro
S.A.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Legal address: </B>Vertigo
Naos Building, 6, Rue Eug&egrave;ne Ruppert, L-2453, Luxembourg</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Company activity: </B>Agricultural
and agro-industrial</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Date of registration:
</B>June 11, 2010</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Expiration of company
charter: </B>No term defined</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Number of register (RCS
Luxembourg): </B>B153.681</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Capital stock: </B>122,381,815
common shares (of which 1,892,671 are treasury shares)</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Majority shareholder:</B><FONT STYLE="color: #000080">&nbsp;</FONT>Quantum
Partners LP</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Legal address:</B><FONT STYLE="color: #000080">&nbsp;</FONT>1300
Thames St. 5<SUP>th</SUP> FL, Baltimore MD 21231-3495, United States of America</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Parent company activity:
</B>Investing</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Capital stock: </B>25,910,004
common shares</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Consolidated
Statements of Financial Position</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>as of&nbsp;&nbsp;December
31, 2014 and 2013</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Note</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ASSETS</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Non-Current Assets</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Property, plant and equipment, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">776,905</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">790,520</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment property</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,675</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,147</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -2.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Intangible assets, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23,778</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,341</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Biological assets</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">286,044</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">225,203</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investments in joint ventures</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,752</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,179</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred income tax assets</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45,597</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">48,368</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade and other receivables, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50,590</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">53,252</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other assets</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">587</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">707</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total Non-Current Assets</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,192,928</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,158,717</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Current Assets</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Biological assets</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">55,188</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">66,941</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Inventories</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">104,919</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">108,389</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade and other receivables, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">164,526</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">141,180</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Derivative financial instruments</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,966</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,102</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">113,795</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">232,147</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total Current Assets</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>446,394</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>552,759</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TOTAL ASSETS</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 4px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,639,322</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 4px; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,711,476</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 4px; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SHAREHOLDERS EQUITY</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Capital and reserves attributable to equity holders of the parent</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share capital</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">183,573</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">183,573</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share premium</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">933,044</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">939,072</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cumulative translation adjustment</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(395,804</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(311,807</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equity-settled compensation</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,735</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17,352</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash flow hedge</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(43,064</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(15,782</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other reserves</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(161</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Treasury shares</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,840</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(961</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Reserve from the sale of non-controlling interests in subsidiaries</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,508</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Retained earnings</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45,644</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">43,018</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Equity attributable to equity holders of the parent</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>762,796</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>854,304</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-controlling interest</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,589</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TOTAL SHAREHOLDERS EQUITY</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>770,385</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>854,349</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>LIABILITIES</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Non-Current Liabilities</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade and other payables</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,391</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,951</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Borrowings</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">491,324</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">512,164</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred income tax liabilities</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39,635</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">57,623</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payroll and social liabilities</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,278</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,458</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Derivatives financial instruments</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Provisions for other liabilities</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,013</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,293</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total Non-Current Liabilities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>536,680</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>576,489</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Current Liabilities</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade and other payables</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">83,100</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">92,965</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Current income tax liabilities</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">76</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">310</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payroll and social liabilities</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,315</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26,139</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Borrowings</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">207,182</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">147,967</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Derivative financial instruments</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,860</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,600</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Provisions for other liabilities</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">724</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">657</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total Current Liabilities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>332,257</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>280,638</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TOTAL LIABILITIES</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>868,937</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>857,127</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TOTAL SHAREHOLDERS EQUITY AND LIABILITIES</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 4px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,639,322</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 4px; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,711,476</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 4px; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated
financial statements.</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Consolidated Statements
of Income</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>for the years ended
December 31, 2014, 2013 and 2012</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="width: 57%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: -5.4pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Note</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -5.4pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -5.4pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales of manufactured products and services rendered</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">513,127</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">425,307</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">379,526</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of manufactured products sold and services rendered</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(335,442</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(272,261</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(263,978</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Gross Profit from Manufacturing Activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>177,685</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>153,046</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>115,548</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales of agricultural produce and biological assets</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">209,839</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">219,317</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">225,174</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of agricultural produce sold and direct agricultural selling expenses</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(209,839</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(219,317</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(225,174</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial recognition and changes in fair value of biological assets and agricultural produce</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,145</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(39,123</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,643</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Changes in net realizable value of agricultural produce after harvest</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,401</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,875</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,004</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Gross Profit / (Loss) from Agricultural Activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>30,546</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(26,248</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>32,647</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Margin on Manufacturing and Agricultural Activities Before Operating Expenses</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>208,231</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>126,798</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>148,195</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General and administrative expenses</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(52,695</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(53,352</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(57,691</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Selling expenses</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(78,864</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(68,069</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(58,602</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other operating income, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,977</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">49,650</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,097</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share of loss of joint venture</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(924</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(219</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Profit from Operations Before Financing and Taxation</B>&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>87,725</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>54,808</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>62,999</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance income</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,291</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,234</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,538</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance costs</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(86,472</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(98,916</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(66,654</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial results, net</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(79,181</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(91,682</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(55,116</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Profit / (Loss) Before Income Tax</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8,544</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(36,874</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7,883</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income tax benefit / (expense)</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6,106</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,277</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,436</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Profit / (Loss) for the Year from Continuing Operations</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,438</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(27,597</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13,319</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Profit / (Loss) for the Year from discontinued operations</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,767</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(4,040</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Profit / (Loss) for the Year</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 4px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,438</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 4px; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(25,830</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 4px; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>9,279</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 4px; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Attributable to:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equity holders of the parent</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,518</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(25,828</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,397</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-controlling interest</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(80</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(118</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Earnings / (Loss) per share from continuing and discontinued operations attributable to the equity holders of the parent during the year:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Basic earnings per share</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">From continuing operations</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.021</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.226</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.111</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">From discontinued operations</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.014</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.034</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Diluted earnings per share</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">From continuing operations</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.021</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.226</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.111</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">From discontinued operations</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.014</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.034</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated
financial statements.</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Consolidated Statements
of Comprehensive Income</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>for the
years ended December 31, 2014, 2013 and 2012</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -5.4pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -5.4pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 67%; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Profit / (Loss) for the year</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,438</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(25,830</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,279</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Other comprehensive income:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-&nbsp;&nbsp;Items that may be reclassified subsequently to profit or loss:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange
    differences on translating foreign operations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(100,203</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(129,575</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(80,755</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 8pt; padding-left: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash flow hedge</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(27,287</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(15,787</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 2.85pt; text-indent: 0pt; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Other comprehensive (loss) for the year</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(127,490</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(145,362</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(80,755</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total comprehensive (loss) for the year</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(125,052</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(171,192</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(71,476</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Attributable to:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equity holders of the parent</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(124,586</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(171,172</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(70,792</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-controlling interest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(466</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(20</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(684</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total comprehensive income attributable to owners of the parent arising from:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Continuing operations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(124,586</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(172,939</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(66,701</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Discontinued operations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,767</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,091</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Consolidated Statements
of Changes in Shareholders&#146; Equity</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>for the
years ended December 31, 2014, 2013 and 2012</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="30" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Attributable
    to equity holders of the parent</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Share
                                         Capital</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>(Note 17)</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Share
                                         Premium</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>(Note 17)</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Cumulative
    </B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Translation </FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Adjustment</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Equity-settled
    </B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Compensation</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Other
    reserves</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Treasury
                                         shares</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>(Note 18 )</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Retained
    Earnings</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Subtotal</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Non-</B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">controlling
    </FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total
    </B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Shareholders&#146;
    </FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Equity</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; width: 20%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Balance
    at December 31,&nbsp;&nbsp;2011</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>180,800</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>926,005</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(99,202</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>15,306</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(526</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(4</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>57,497</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,079,876</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>14,993</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,094,869</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Profit for the year</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">9,397</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">9,397</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(118</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">9,279</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Other comprehensive income:</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-&nbsp;&nbsp;Items
    that may be reclassified subsequently to profit or loss:</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-left: 9pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Exchange
    differences on translating foreign operations</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(80,189</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(80,189</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(566</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(80,755</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Total comprehensive loss
    for the year</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(80,189</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">9,397</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(70,792</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(684</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(71,476</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Employee share options
    (Note 18):</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;- Value of employee
    services</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">265</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">265</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">267</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;- Exercised</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">49</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">263</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(93</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">219</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">217</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;- Forfeited</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(82</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">82</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Restricted shares (Note
    18):</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">- Value of employee services</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,847</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,847</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">24</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,871</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">- Vested</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,347</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,516</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">181</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">12</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(12</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">- Forfeited</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Acquisition of non-controlling
    interest (Note 17)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2,482</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">12,717</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,845</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">225</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">671</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">14,244</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(14,244</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Disposal
    of subsidiary (Nota 16)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,693</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,693</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(12</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,705</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Balance
    at December 31,&nbsp;&nbsp;2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>183,331</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>940,332</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(182,929</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>17,952</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(349</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(6</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>67,647</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,025,978</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>65</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,026,043</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Consolidated Statements
of Changes in Shareholders&#146; Equity</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>for the
years ended December 31, 2014, 2013 and 2012</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="34" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Attributable
    to equity holders of the parent</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Share<BR>
                                         Capital</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>(Note 17)</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Share<BR>
                                         Premium</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>(Note 17)</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Cumulative
    </B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Translation </FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Adjustment</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -3.95pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Equity-settled
    </B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Compensation</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Cash
    flow hedge</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Other
    reserves</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Treasury<BR>
                                         shares</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>(Note 18 )</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Retained
    <BR>
Earnings</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Subtotal</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -5.4pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Non-</B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">controlling
    </FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total
    </B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Shareholders&#146;
    </FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Equity</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; width: 12%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Balance
    at December 31,&nbsp;&nbsp;2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>183,331</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>940,332</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(182,929</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>17,952</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(349</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(6</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>67,647</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,025,978</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>65</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,026,043</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Loss for the year</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(25,828</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(25,828</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(25,830</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Other comprehensive income:</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-&nbsp;&nbsp;Items
    that may be reclassified subsequently to profit or loss:</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Exchange
    differences on translating foreign operations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(129,562</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(129,562</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(13</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(129,575</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt; padding-left: 0.125in"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Cash
    flow hedge (1)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(15,782</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(15,782</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(5</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(15,787</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Total comprehensive loss
    for the year</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(129,562</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(15,782</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(25,828</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(171,172</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(20</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(171,192</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Employee share options
    (Note 18):</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;- Value of employee
    services</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">61</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">61</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">61</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;- Exercised</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">126</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(52</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">26</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;- Forfeited</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,199</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,199</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Restricted shares (Note
    18):</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">- Value of employee services</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,742</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,742</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,742</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">- Vested</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">242</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2,721</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(3,152</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">179</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">10</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">- Forfeited</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Purchase of own shares
    (Note 17)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4,107</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(982</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(5,089</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(5,089</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Disposal
    of interest in joint ventures (Note 11)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">684</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">684</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">684</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Balance
    at December 31,&nbsp;&nbsp;2013</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>183,573</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>939,072</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(311,807</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>17,352</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(15,782</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(161</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(961</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>43,018</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>854,304</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>45</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>854,349</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1) Net of US$ 8,347 of income tax.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Consolidated Statements
of Changes in Shareholders&#146; Equity</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>for the
years ended December 31, 2014, 2013 and 2012</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="38" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 3.6pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Attributable
    to equity holders of the parent</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Share
    Capital </B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">(Note 17)</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Share
    </B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Premium</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Cumulative
    </B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Translation </FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Adjustment</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Equity-settled
    </B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Compensation</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Cash
                                         flow<BR>
                                         hedge</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>(*)</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Other
    </B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">reserves</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Treasury
    </B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">shares</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Reserve
    </B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">from the </FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">sale
    of non-</FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">controlling </FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">interests
    in </FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">subsidiaries </FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">(Note
    14)</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Retained
    </B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Earnings</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Subtotal</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; padding-right: -5.4pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Non-</B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">controlling
    </FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total
    </B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Shareholders&#146;
    </FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Equity</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: left; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 16%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Balance
    at January 1, 2014</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>183,573</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>939,072</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(311,807</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>17,352</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(15,782</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(161</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(961</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>43,018</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>854,304</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>45</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>854,349</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Profit (Loss) for the
    year</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2,518</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2,518</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(80</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2,438</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Other comprehensive income:</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-&nbsp;&nbsp;Items
    that may be reclassified subsequently to profit or loss:</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Exchange
    differences on translating foreign operations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(99,822</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(99,822</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(381</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(100,203</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 9pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Cash
    flow hedge</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(27,282</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(27,282</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(5</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(27,287</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-left:17.3pt;text-indent: -8.65pt; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Total
    comprehensive income for the year</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(99,822</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(27,282</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2,518</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(124,586</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(466</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(125,052</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Employee share options
    (Note 18)</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;- Value of employee
    services</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">308</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">308</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">308</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;- Exercised</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">955</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(326</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">210</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">839</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">839</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;- Forfeited</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(108</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">108</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Restricted shares (Note
    18):</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">- Value of employee services</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,559</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,559</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,559</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">- Vested</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,444</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4,050</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">160</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">446</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">- Forfeited</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Purchase of own shares&nbsp;&nbsp;(Note
    17)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(10,427</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2,534</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(12,961</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(12,961</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Sale
    of non-controlling interests in subsidiaries (Note 16)&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">15,825</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">25,508</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">41,333</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">8,010</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">49,343</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Balance
    at December 31, 2014</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>183,573</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>933,044</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(395,804</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>16,735</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(43,064</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(2,840</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>25,508</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>45,644</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>762,796</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>7,589</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>770,385</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(*) Net of 14,149 of Income Tax.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Consolidated Statements
of Cash Flows</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>for the
years ended December 31, 2014, 2013 and 2012</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Note</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Cash flows from operating activities:</B></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Profit / (Loss) for the year&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,438</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(25,830</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,279</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Adjustments for</I>:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income tax expense / (benefit)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,106</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9,277</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,436</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">89,147</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">68,934</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54,117</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amortization&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">509</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">468</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">351</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gain from disposal of&nbsp;&nbsp;farmlands and other assets</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(26,434</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gain from the disposal of other property items</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(985</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(670</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(882</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gain from the sale of subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,967</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(27,513</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equity settled share-based compensation granted</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,867</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,803</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,138</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Loss) / gain from derivative financial instruments and forwards</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28,29</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6,548</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(266</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,304</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest&nbsp;&nbsp;and other financial expense, net</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50,941</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45,192</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,948</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial recognition and changes in fair value of non harvested biological assets (unrealized)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,783</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">53,456</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,335</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Changes in net realizable value of agricultural produce after harvest (unrealized)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,134</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">292</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,024</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Provision and allowances&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">355</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">768</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,020</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share of loss from joint venture&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">924</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(219</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Foreign exchange losses, net&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,246</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21,087</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24,801</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash flow hedge &ndash; transfer from equity</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,031</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,560</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Discontinued operations&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,767</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,040</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subtotal</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">182,680</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">130,130</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">97,438</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Changes in operating assets and liabilities:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Increase in trade and other receivables</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(38,622</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(35,464</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(39,163</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Increase in inventories&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(22,027</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(27,624</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,794</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Increase in biological assets&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,418</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(347</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,830</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Decrease in other assets&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">690</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Increase / (Decrease) in derivative financial instruments</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,493</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,123</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,467</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Increase in trade and other payables&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,390</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23,718</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,309</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Increase in payroll and social security liabilities</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,253</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,504</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,784</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Decrease) / Increase&nbsp;&nbsp;in provisions for other liabilities</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(179</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(233</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">132</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net cash generated from operating activities before taxes paid</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>133,591</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>102,497</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>68,419</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income tax paid&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(458</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(417</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(596</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net cash generated from operating activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>133,133</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>102,080</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>67,823</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Consolidated Statements
of Cash Flows (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>for the
years ended December 31, 2014, 2013 and 2012</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2px; text-align: center; padding-right: -5.4pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Note</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash flows from investing activities:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 52%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchases of property, plant and equipment&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(207,712</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(128,726</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(218,770</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchases of intangible assets&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,098</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,376</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(359</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchase of cattle and planting cost of non current biological assets</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(110,998</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(96,487</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(82,612</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest received&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,068</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,882</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,249</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proceeds from sale of property, plant and equipment</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,024</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,594</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">851</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proceeds from sale of farmland and other assets</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,052</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,703</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proceeds from disposal of subsidiaries</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,318</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,078</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,208</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment in joint ventures&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,372</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,164</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payment of seller financing arising on subsidiaries acquired</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(684</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,555</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(33,485</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proceeds from sales of financial assets</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,066</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Discontinued operations&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,100</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(313,454</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(161,536</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(300,215</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash flows from financing activities:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net proceeds from the sale of non-controlling interest in subsidiaries</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">49,343</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proceeds from equity settled shared-based compensation exercised</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">839</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">218</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proceeds from long-term borrowings</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">180,048</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">322,763</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">230,601</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payments of long-term borrowings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(177,027</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(113,750</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(79,781</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest paid&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(48,899</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(45,972</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(34,587</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proceeds from short-term borrowings</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">152,216</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">42,189</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">174,684</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payments of short-term borrowings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(70,239</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(95,556</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(157,627</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchase of own shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(12,992</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,102</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net cash generated from financing activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>73,289</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>104,671</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>133,508</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net (decrease) /&nbsp;&nbsp;increase in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(107,032</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>45,215</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(98,884</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents at beginning of year</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">232,147</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">218,809</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">330,546</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(11,320</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(31,877</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(12,853</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash and cash equivalents at end of year</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>113,795</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>232,147</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>218,809</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>General information</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Adecoagro S.A. (the
&#147;Company&#148; or &#147;Adecoagro&#148;) is the Group&#146;s ultimate parent company and is a soci&eacute;t&eacute; anonyme
(stock corporation) organized under the laws of the Grand Duchy of Luxembourg. Adecoagro is a holding company primarily engaged
through its operating subsidiaries in agricultural and agro-industrial activities. The Company and its operating subsidiaries are
collectively referred to hereinafter as the &#147;Group&#148;. These activities are carried out through three major lines of
business, namely, Farming; Sugar, Ethanol and Energy and Land Transformation. Farming is further comprised of three reportable
segments, which are described in detail in Note 5 to these consolidated financial statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Adecoagro is a Public
Company listed in the New York Stock Exchange as a foreign registered company under the symbol of AGRO.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">These consolidated
financial statements have been approved for issue by the Board of Directors on March 17, 2015.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Summary of significant accounting policies</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The principal accounting
policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently
applied to all the years presented, unless otherwise stated.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.1.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Basis of preparation
and presentation</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The consolidated financial
statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) of the International
Accounting Standards Board (IASB) and the Interpretations of the International Financial Reporting Interpretations Committee (IFRIC).
All IFRS issued by the IASB, effective at the time of preparing these consolidated financial statements have been applied.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The consolidated financial
statements have been prepared under the historical cost convention as modified by financial assets and financial liabilities (including
derivative instruments) at fair value through profit or loss and biological assets and agricultural produce at the point of harvest
measured at fair value.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The preparation of consolidated
financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management
to exercise its judgment in the process of applying the Group&#146;s accounting policies. The areas involving a higher degree
of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are
disclosed in Note 4.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group has revised
its cash flow disclosures to present short-term borrowings activity on a gross basis.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;(a) Standards,
amendments and interpretations to existing standards effective and adopted by the Group in 2014</I></B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following standards,
amendments and interpretations to existing standards have been published and were mandatory for the Group as of January 1, 2014:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In December 2011, the
IASB issued amendment to IAS 32, &lsquo;Financial instruments: Presentation&#146; on offsetting financial assets and financial
liabilities. This amendment clarifies that the right of set-off must not be contingent on a future event. It must also be legally
enforceable for all counterparties in the normal course of business, as well as in the event of default, insolvency or bankruptcy.
The amendment also considers settlement mechanisms. The amendment did not have a significant effect on the group financial statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In May 2013, the IASB
issued amendments to IAS 36, &lsquo;Impairment of assets&#146;, on the recoverable amount disclosures for non-financial assets.
This amendment removed certain disclosures of the recoverable amount of CGUs which had been included in IAS 36 by the issue of
IFRS 13.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.1.</B></P></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Basis of preparation
    and presentation (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In May 2013, the IASB
issued IFRIC 21, &lsquo;Levies&#146;, which sets out the accounting for an obligation to pay a levy if that liability is within
the scope of IAS 37 &lsquo;Provisions&#146;. The interpretation addresses what the obligating event is that gives rise to pay
a levy and when a liability should be recognized. The Group is not currently subjected to significant levies so the impact on the
Group is not material.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Other standards, amendments
and interpretations which are effective for the financial year beginning on 1 January 2014 are not material to the Group.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;(b) Standards,
amendments and interpretations to existing standards that are not yet effective</I></B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Below is a description
of the standards, amendments and interpretations issued by the IASB to existing standards that have been issued and are mandatory
for the Group&#146;s fiscal periods beginning after January 1, 2014 and which have not been early adopted by the Group:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In May 2014, the IASB
issued IFRS 15, &#147;Revenue from contracts with customers&#148;, which deals with revenue recognition and establishes principles
for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and
cash flows arising from an entity&#146;s contracts with customers. Revenue is recognised when a customer obtains control of a
good or service and thus has the ability to direct the use and obtain the benefits from the good or service. The standard replaces
IAS 18 &lsquo;Revenue&#146; and IAS 11 &lsquo;Construction contracts&#146; and related interpretations. The standard is effective
for annual periods beginning on or after January 1, 2017 and earlier application is permitted. The Group is currently assessing
the impact IFRS 15 may have on the financial position and results of operations of the Group.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In June 2014, the IASB
issued amendments to IAS 16 &#147;Property, plant and equipment&#148; and IAS 41 &#147;Agriculture&#148;, in relation to bearer
plants. The amendments define a bearer plant and exclude them from the scope of IAS 41 and include them within the scope of IAS
16. The amendments shall be applied for annual periods beginning on or after January 1, 2016, with earlier application permitted.
The Group is currently analysing the resulting effects on the Group&#146;s results of operations, financial position or cash flows.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In July 2014 the IASB
published the final version of IFRS 9 Financial Instrument which replaces earlier versions of IFRS 9 and completes the IASB&#146;s
project to replace IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 retains but simplifies the mixed measurement
model and establishes three primary measurement categories for financial assets: amortised cost, fair value through OCI and fair
value through P&amp;L. The basis of classification depends on the entity&#146;s business model and the contractual cash flow characteristics
of the financial asset. Investments in equity instruments are required to be measured at fair value through profit or loss with
the irrevocable option at inception to present changes in fair value in OCI not recycling. There is now a new expected credit losses
model that replaces the incurred loss impairment model used in IAS 39. For financial liabilities there were no changes to classification
and measurement except for the recognition of changes in own credit risk in other comprehensive income, for liabilities designated
at fair value through profit or loss. IFRS 9 relaxes the requirements for hedge effectiveness by replacing the bright line hedge
effectiveness tests. It requires an economic relationship between the hedged item and hedging instrument and for the &lsquo;hedged
ratio&#146; to be the same as the one management actually use for risk management purposes. Contemporaneous documentation is still
required but is different to that currently prepared under IAS 39. The standard is effective for accounting periods beginning on
or after January 1, 2018. Early adoption is permitted. The Group is yet to assess IFRS 9&#146;s full impact.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">There are no other IFRSs
or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Group.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">The accompanying notes are an integral part of these consolidated
financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.2.</B></P></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Scope of consolidation</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>


<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The consolidated financial
statements include the results of the Company and all of its subsidiaries from the date that control commences to the date that
control ceases. They also include the Group&#146;s share of the net income of its jointly-controlled entities on an equity-accounted
basis from the point at which joint control commences, to the date that it ceases.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>(a) Subsidiaries</I></B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Subsidiaries are all
entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries
are fully consolidated from the date that control commences and deconsolidated from the date that control ceases.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group uses the acquisition
method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is
the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration
transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related
costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination
are measured initially at their fair values at the acquisition date.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group recognizes
any non-controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling
interest&#146;s proportionate share of the acquiree&#146;s net assets.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The excess of the consideration
transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity
interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Subsidiaries acquired
exclusively with a view to resale are accounted for following the short-cut method under IFRS 5. At the acquisition date, the entity
being disposed of is valued at fair value less costs to sell, and at each subsequent reporting date, it is remeasured at the lower
of the initial carrying amount and the fair value less costs to sell. On the statement of financial position, the entity&#146;s
assets and liabilities are classified as held for sale and presented separately from other assets and liabilities. Subsidiaries
acquired exclusively with a view to resale are classified as discontinued operations.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Inter-company transactions,
balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated. Accounting
policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif; color: #141413"><B>(b)
Changes in ownership interests in subsidiaries without change of control</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: #141413">Transactions
with non-controlling interests that do not result in loss of control are accounted for as equity transactions &ndash; that is,
as transactions with the owners in their capacity as owners. The difference between the fair value of any consideration paid and
the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals
to non-controlling interests are also recorded in equity.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; color: #141413">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">The accompanying notes are an integral part of these consolidated
financial statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.2.</B></P></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Scope of consolidation
    (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; color: #141413; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="text-indent: 0pt; margin-left: 38pt; font: 10pt Times New Roman, Times, Serif; color: #141413; margin-top: 0pt; margin-bottom: 0pt"><B>(c)
Disposal of subsidiaries</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: #141413">When
the Group ceases to have control any retained interest in the entity is re-measured to its fair value at the date when control
is lost, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the
purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any
amount previously recognized in other comprehensive income in respect of that entity is accounted for as if the Group had directly
disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are
reclassified to profit or loss.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 38pt; font: 10pt Times New Roman, Times, Serif; color: #141413"><B>(d)
Joint arrangements</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: #141413">Joint
arrangements are arrangements of which the Group and other party or parties have joint control bound by a contractual arrangement.
Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual
rights and obligations each investor has rather than the legal structure of the joint arrangement. A joint venture is a joint arrangement
whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint operation
is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations
for the liabilities, relating to the arrangement.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif; color: #141413">The
Group has assessed the nature of its joint arrangements and determined them to be joint ventures.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: #141413">Under
the equity method of accounting, interests in joint ventures are initially recognized in the consolidated statement of financial
position at cost and adjusted thereafter to recognize the Group&#146;s share of the post-acquisition of profits or losses and
movements in other comprehensive income, respectively.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: #141413">Unrealized
gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group&#146;s interest in the
joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by
the Group.&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.3.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Segment reporting</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>


<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; color: #141413; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="text-indent: 38pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">According to IFRS&nbsp;8,
operating segments are identified based on the &lsquo;management approach&#146;. This approach stipulates external segment reporting
based on the Group&#146;s internal organizational and management structure and on internal financial reporting to the chief operating
decision maker. The Management Committee of the Group is responsible for measuring and steering the business success of the segments
and is considered the chief operating decision maker within the meaning of IFRS 8.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.4.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Foreign currency translation</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; color: #141413; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>(a) Functional
and presentation currency</I></B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Items included in the
financial statements of each of the Group&#146;s entities are measured using the currency of the primary economic environment
in which the entity operates (&lsquo;the functional currency&#146;). The consolidated financial statements are presented in US
dollars, which is the Group&#146;s presentation currency.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>(b) Transactions
and balances</I></B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Foreign currency transactions
are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where
items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation
at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement
of income, in the line Item &#147;Finance income&#148; or &#147;Finance cost&#148;, as appropriate.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">The accompanying notes are an integral part of these consolidated
financial statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.4.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Foreign currency translation (continued)</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>(c) Group companies</I></B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The results and financial
position of all the Group entities (none of which has the currency of a hyper-inflationary economy) that have a functional currency
different from the presentation currency are translated into the presentation currency as follows:&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">income and expenses for each statement of income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">all resulting exchange differences are recognized as a separate component of equity.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">When a foreign operation
is partially disposed of or sold, exchange differences that were recorded in equity are recognized in the statement of income as
part of the gain or loss on sale.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Goodwill and fair value
adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated
at the closing rate.&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.5.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Property, plant and equipment</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Property, plant and
equipment is recorded at cost, less accumulated depreciation and impairment losses, if any. Historical cost comprises the purchase
price and any costs directly attributable to the acquisition.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Where individual components
of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated
separately.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Subsequent costs are
included in the asset&#146;s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that
future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The
carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the statement of income
when they are incurred.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B>Farmland
is not depreciated. Depreciation on other assets is calculated using the straight-line method, to allocate their cost to their
residual values over their estimated useful lives, as follows:<BR>
</P>

<P STYLE="text-align: left; margin-left: 72pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 50%">
<TR>
    <TD STYLE="vertical-align: middle; width: 80%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 20%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: middle; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Farmland improvements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5-25 years</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: middle; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Buildings and facilities&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20 years</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: middle; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Furniture and fittings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10 years</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: middle; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Computer equipment&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3-5 years</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: middle; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Machinery and equipment</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4-10 years</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: middle; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vehicles&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4-5 years</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The assets&#146; residual
values and useful lives are reviewed, and adjusted if appropriate, at each statement of financial position date. An asset&#146;s
carrying amount is written down immediately to its recoverable amount if the asset&#146;s carrying amount is greater than its
estimated recoverable amount (see Note 2.10).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Gains and losses on
disposals are determined by comparing the proceeds with the carrying amount and are recognized within &#147;Other operating income,
net&#148; in the statement of income.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.6.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Investment property</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Investment property
consists of farmland for rental or for capital appreciation and not used in production or for sale in the ordinary course of business.
Investment property is measured at cost less accumulated depreciation and any impairment losses if any. Rental income from investment
property is recognized in the income statement on a straight line basis over the lease term.&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.7.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Leases</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>


<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group classifies
its leases at the inception as finance or operating leases. Leases are classified as finance leases whenever the terms of the
lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating
leases and charged to the statements of income in a straight-line basis over the period of the lease. Finance leases are capitalized
at the lease&#146;s inception at the lower of the fair value of the leased property and the present value of the minimum lease
payments. Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the finance
balance outstanding. The corresponding rental obligations, net of finance charges, are included as &#147;Borrowings&#148; in
the statement of financial position. The property, plant and equipment acquired under finance leases is depreciated over the shorter
of the asset&#146;s useful life and the lease term.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.8.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Goodwill</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Goodwill represents
future economic benefits arising from assets that are not capable of being individually identified and separately recognized by
the Group on an acquisition. Goodwill is computed as the excess of the consideration over the fair value of the Group&#146;s share
of net assets of the acquired subsidiary undertaking at the acquisition date and is allocated to those cash generating units expected
to benefit from the acquisition for the purpose of impairment testing. Goodwill arising on the acquisition of subsidiaries is included
within &#147;Intangible assets&#148; on the statement of financial position, whilst goodwill arising on the acquisition on joint
ventures forms part of the carrying amount of the investments and tested for impairment as part of the overall balance.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Goodwill arising on
the acquisition of foreign entities is treated as an asset of the foreign entity denominated in the local currency and translated
at the closing rate.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Goodwill is not amortized
but tested for impairment on an annual basis, or more frequently if there is an indication of impairment. Gains and losses on
the disposal of a Group entity include any goodwill relating to the entity sold (see Note 2.10).&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.9.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Other intangible assets</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Other intangible assets
that are acquired by the Group, which have finite useful lives, are measured at cost less accumulated amortization and impairment
losses, if any.&nbsp;&nbsp;These intangible assets comprise trademarks and computer software and are amortized in the statement
of income on a straight-line basis over their estimated useful lives estimated to be 10 to 20 years and 3 to 5 years, respectively.&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.10.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Impairment of assets</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Goodwill</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For the purpose of impairment
testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-generating
units. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss
is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit
pro-rata on the basis of the carrying amount of each asset in the unit. Impairment losses recognized for goodwill cannot be reversed
in a subsequent period. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value
in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows
have not been adjusted (see Note 4 (b) for details).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <!-- Field: /Page -->

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.10.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Impairment of assets (continued)</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Property, plant and
equipment and finite lived intangible assets</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">At each statement of
financial position date, the Group reviews the carrying amounts of its property, plant and equipment and finite lived intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where
the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the
cash-generating unit to which the asset belongs.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">If the recoverable amount
of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating
unit is reduced to its recoverable amount. An impairment loss is recognized immediately in the statement of income.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Where an impairment
loss subsequently reverses, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its
recoverable amount, not to exceed the carrying amount that would have been determined had no impairment loss been recognized for
the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized immediately in the statement
of income.&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.11.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Biological assets</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Biological assets comprise
growing crops (mainly corn, wheat, soybeans, sunflower and rice), sugarcane, coffee and livestock (growing herd and cattle for
dairy production).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group distinguishes
between consumable and bearer biological assets, and between mature and immature biological assets. &#147;Consumable&#148; biological
assets are those assets that may be harvested as agriculture produce or sold as biological assets, for example livestock intended
for dairy production. &#147;Bearer&#148; biological assets are those assets capable of producing more than one harvest, for example
sugarcane or livestock from which raw milk is produced. &#147;Mature&#148; biological assets are those that have attained harvestable
specifications (for consumable biological assets) or are able to sustain regular harvests (for bearer biological assets). &#147;Immature&#148;
biological assets are those assets other than mature biological assets.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group presents long-term
biological assets (sugarcane and coffee plantations) as non-current assets based on their nature, as capable of sustaining regular
harvests in the long-term.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Costs are capitalized
as biological assets if, and only if, (a) it is probable that future economic benefits will flow to the entity, and (b) the cost
can be measured reliably. The Group capitalizes costs such as: planting, harvesting, weeding, seedlings, irrigation, agrochemicals,
fertilizers and a systematic allocation of fixed and variable production overheads that are directly attributable to the management
of biological assets, among others. Costs that are expensed as incurred include administration and other general overhead and unallocated
production overhead, among others.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Biological assets, both
at initial recognition and at each subsequent reporting date, are measured at fair value less costs to sell, except where fair
value cannot be reliably measured. Cost approximates fair value when little biological transformation has taken place since the
costs were originally incurred or the impact of biological transformation on price is not expected to be material.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Gains and losses that
arise on measuring biological assets at fair value less costs to sell and measuring agricultural produce at the point of harvest
at fair value less costs to sell are recognized in the statement of income in the period in which they arise in the line item &#147;Initial
recognition and changes in fair value of biological assets and agricultural produce&#148;.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Where there is an active
market for a biological asset or agricultural produce, quoted market prices in the most relevant market are used as a basis to
determine the fair value. Otherwise, when there is no active market or market-determined prices are not available, fair value
of biological assets is determined through the use of valuation techniques.&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.11.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Biological assets (continued)</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Therefore, the fair
value of biological assets is generally derived from the expected discounted cash flows of the related agricultural produce. The
fair value of the agricultural produce at the point of harvest is generally derived from market determined prices. A general description
of the determination of fair values based on the Company&#146;s business segments follow:</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; width: 89%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Growing crops:</I></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Growing crops, for which
biological transformation is not significant, are measured at cost, which approximates fair value. Expenditure on growing crops
includes land preparation expenses and other direct expenses incurred during the sowing period including labor, seedlings, agrochemicals
and fertilizers among others.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Otherwise, biological
assets are measured at fair value less estimated point-of-sale costs at initial recognition and at any subsequent period. Point-of-sale
costs include all costs that would be necessary to sell the assets</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The fair value of growing
crops excluding sugarcane and coffee is measured based on a formula, which takes into consideration the estimated crop yields,
estimated market prices and costs, and discount rates. Yields are determined based on several factors including location of farmland,
environmental conditions and other restrictions and growth at the time of measurement. Yields are multiplied by sown hectares
to determine the estimated tons of crops to be obtained. The tons are then multiplied by a net cash flow determined at the future
crop prices less the direct costs to be incurred. This amount is discounted at a discount rate, which reflects current market
assessments of the assets involved and the time value of money.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; width: 89%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Growing herd and cattle:</I></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Livestock are measured
at fair value less estimated point-of-sale costs, with any changes therein recognized in the statement of income, on initial recognition
as well as subsequently at each reporting period. The fair value of livestock is determined based on the actual selling prices
less estimated point-of-sale costs in the markets where the Group operates.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; width: 89%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Coffee:</I></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The coffee trees are
accounted for as plantations and are generally felled after their optimum economic age for use has expired, generally 18 years.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Coffee trees, for which
biological growth is not significant, are valued at cost, which approximates fair value. Expenditure on coffee trees planting
includes land preparation expenses and other direct expenses incurred during the sowing period including labor, seedlings, agrochemicals
and fertilizers among others. When they have attained&nbsp;&nbsp;significant biological growth, they are valued at fair value
through a discounted cash flow model. Revenues are based on estimated yearly coffee production volumes and the price is calculated
as the average of daily prices for coffee future contracts (Coffee ICE-NY contracts) for a six months period. Projected costs
include maintenance, pruning, land leasing, harvesting and coffee treatment. These estimates are discounted at an appropriate
discount rate.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; width: 89%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Sugarcane:</I></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The fair value of sugarcane
depends on the variety, location and maturity of the plantation. The sugarcanes are accounted for as plantations and are felled
after their optimum economic age for use has expired, generally five years.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Sugarcane, for which
biological growth is not significant, is valued at cost, which approximates fair value. Expenditure on sugarcane consists mainly
of land preparation expenses and other direct expenses incurred during the sowing period including labor, seedlings, agrochemicals
and fertilizers among others.&nbsp;&nbsp;When it has attained significant biological growth, it is measured at fair value through
a discounted cash flow model. Revenues are based on estimated yearly production volume (which will be destined to sugar, ethanol,
energy and raw cane production) and the price is calculated as the average of daily prices for sugar future contracts (Sugar #11
ICE-NY contracts) for a six months period. Projected costs include maintenance, land leasing, harvesting and transportation. These
estimates are discounted at an appropriate discount rate.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.12.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Inventories</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Inventories comprise
of raw materials, finished goods (including harvested agricultural produce and manufactured goods) and others.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Harvested agricultural
produce (except for rice and milk) are measured at net realizable value until the point of sale because there is an active market
in the produce, there is a negligible risk that the produce will not be sold and there is a well-established practice in the industry
carrying the inventories at net realizable value. Changes in net realizable value are recognized in the statement of income in
the period in which they arise under the line item &#147;Changes in net realizable value of agricultural produce after harvest&#148;.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">All other inventories
(including rice and milk) are measured at the lower of cost and net realizable value. Cost is determined using the weighted average
method.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.13.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Financial assets</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Financial assets are
classified in the following categories: at fair value through profit or loss and loans and receivables. The classification depends
on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at
initial recognition (see Note 12).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>(a) Recognition
and measurement</I></B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Regular purchases and
sales of financial assets are recognized on the trade-date &ndash; the date on which the Group commits to purchase or sell the
asset. Financial assets not carried at fair value through profit or loss are initially recognized at fair value plus transaction
costs. Financial assets carried at fair value through profit or loss are initially recognized at fair value and transaction costs
are expensed in the statement of income. Financial assets are derecognized when the rights to receive cash flows from the investments
have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Financial
assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are subsequently carried
at amortized cost using the effective interest method.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Gains or losses arising
from changes in the fair value of the &#147;financial assets at fair value through profit or loss&#148; category are presented
in the statement of income within &#147;Other operating income, net&#148; in the period in which they arise.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">If the market for a
financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These
include the use of recent arm&#146;s length transactions, reference to other instruments that are substantially the same, discounted
cash flow analysis, and option pricing models, making maximum use of market inputs and relying as little as possible on entity-specific
inputs.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group assesses at
each statement of financial position date whether there is objective evidence that a financial asset or a group of financial assets
is impaired. Impairment testing of trade receivables is described in Note 2.15.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>(b) Offsetting
financial instruments</I></B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Financial assets and
liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right
to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability
simultaneously. This right must not be contingent on future events and must be enforceable in any case.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated
financial statements.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.14.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Derivative financial instruments and hedging activities</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Derivatives are initially
recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value.
Commodity future contract fair values are computed with reference to quoted market prices on future exchanges markets. The fair
values of commodity options are calculated using year-end market rates together with common option pricing models. The fair value
of interest rate swaps has been calculated using a discounted cash flow analysis.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group manages exposures
to financial and commodity risks using hedging instruments that provide the appropriate economic outcome. The principal hedging
instruments used may include commodity future contracts, put and call options, foreign exchange forward contracts and interest
rate swaps. The Group does not use derivative financial instruments for speculative purposes.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group&#146;s policy
is to apply hedge accounting to hedging relationships where it is both permissible under IAS 39, practical to do so and its application
reduces volatility, but transactions that may be effective hedges in economic terms may not always qualify for hedge accounting
under IAS 39. Any derivatives that the Group holds to hedge these exposures are classified as &#147;held for trading&#148; and
are shown in a separate line on the face of the statement of financial position. The method of recognizing gains or losses on derivatives
depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Gains
and losses on commodity derivatives are classified within &#147;Other operating income, net&#148;. Gains and losses on interest
rate and foreign exchange rate derivatives are classified within &lsquo;Financial results, net&#146;. The Group designates certain
derivatives as hedges of the foreign currency risk associated with highly probable forecast transactions (cash flow hedge).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group documents
at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management
objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception
and on an ongoing basis, of whether the instruments that are used in hedging transactions are highly effective in offsetting changes
in fair value or cash flows of hedged items.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Cash flow hedge</I></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The effective portion
of the gain or loss on the instruments that are designated and qualify as cash flow hedges is recognized in other comprehensive
income. The gain or loss relating to the ineffective portion is recognized immediately in the statement of income within &#147;Finance
income&#148; or &#147;Finance cost&#148;, as appropriate.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Amounts accumulated
in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss. The gain or loss relating
to the effective portion is recognized in the statement of income within &#147;Finance income&#148; or &#147;Finance cost&#148;,
as appropriate.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">When a hedging instrument
expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in
equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in the statement
of income. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity
is immediately transferred to the statement of income.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.15.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Trade and other receivables</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Trade receivables are
recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less allowance
for trade receivables.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">An allowance for trade
receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according
to the original terms of the receivables. Such evidence includes significant financial difficulties of the debtor, probability
that the debtor will enter bankruptcy or financial reorganization, and default or delinquency in payments. When a trade receivable
is uncollectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously
written off are credited against selling expenses in the statement of income.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated
financial statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.16.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Cash and cash equivalents</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents
includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities
of three months or less. In the statements of cash flows, interest paid is presented within financing cash flows and interest
received is presented within investing activities.&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.17.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Trade and other payables</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Trade payables are
initially recognized at fair value and subsequently measured at amortized cost using the effective interest method.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.18.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Borrowings</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Borrowings are initially
recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost using the
effective interest method. Borrowing costs are capitalized during the period of time that is required to complete and prepare
the asset for its intended use.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.19.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Provisions</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Provisions are recognized
when (i) the Group has a present legal or constructive obligation as a result of past events; (ii) it is probable that an outflow
of resources will be required to settle the obligation; and (iii) a reliable estimate of the amount of the obligation can be made.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax
rate that reflects current market assessments of the time value of money and the risks specific to the obligation.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.20.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Onerous contracts</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group enters into
contracts, which require the Group to sell commodities in accordance with the Group&#146;s expected sales. These contracts do
not qualify as derivatives. These contracts are not recognized until at least one of the parties has performed under the agreement.
However, when the contracts are onerous, the Group recognizes the present obligation under the contracts as a provision included
within &#147;Provision and other liabilities&#148; in the statement of financial position. Losses under these onerous contracts
are recognized within &#147;Other operating income, net&#148; in the statement of income.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.21.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Current and deferred income tax</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group&#146;s tax
benefit or expense for each year comprises the charge for current tax payable and deferred taxation attributable to the Group&#146;s
operating subsidiaries. Tax is recognized in the statement of income, except to the extent that it relates to items recognized
directly in equity. In this case, the tax is also recognized in equity.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The current income tax
charge is calculated on the basis of the tax laws enacted at the date of the statement of financial position in the countries where
the Group&#146;s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns
with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate
on the basis of amounts expected to be paid to the tax authorities.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Deferred income tax
is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and
their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises
from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction
affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) effective in
the countries where the Group&#146;s subsidiaries operate and generate taxable income..</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Deferred income tax
assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary
differences can be utilized.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated
financial statements.&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.21.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Current and deferred income tax (continued)</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Deferred income tax
is provided on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary
difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group is able to
control the timing of dividends from its subsidiaries and hence does not expect to remit overseas earnings in the foreseeable
future in a way that would result in a charge to taxable profit. Hence deferred tax is recognized in respect of the retained earnings
of overseas subsidiaries only to the extent that, at the date of the statement of financial position, dividends have been accrued
as receivable or a binding agreement to distribute past earnings in future has been entered into by the subsidiary.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.22.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Revenue recognition</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group&#146;s primary
activities comprise agricultural and agro-industrial activities.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group&#146;s agricultural
activities comprise growing and selling agricultural produce. In accordance with IAS 41 &#147;Agriculture&#148;, cattle are measured
at fair value with changes therein recognized in the statement of income as they arise. Agricultural produce is measured at net
realizable value with changes therein recognized in the statement of income as they arise. Therefore, sales of agricultural produce
and cattle generally do not generate any separate gains or losses in the statement of income. See Notes 2.11 and 2.12 for additional
details.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group&#146;s agro-industrial
activities comprise the selling of manufactured products (i.e. industrialized rice, milk-related products, ethanol, sugar, energy,
among others). Theses sales are measured at the fair value of the consideration received or receivable, net of returns and allowances,
trade and other discounts, and sales taxes, as applicable.&nbsp;&nbsp;Revenue is recognized when the significant risks and rewards
of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return
of goods can be estimated reliably, and there is no continuing management involvement with the goods.&nbsp;&nbsp;Transfers of risks
and rewards vary depending on the individual terms of the contract of sale.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group also provides
certain agricultural-related services such as grain warehousing/conditioning and other services, e.g. handling and drying services.
Revenue from services is recognized as services are provided.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group leases owned
farmland property to third parties under operating lease agreements. Rental income is recognized on a straight-line basis over
the period of the lease.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group is a party
to a 10-year power agreement for the sale of electricity. The delivery period starts in May and ends in November of each year.
The Group is also a party to two 15-year power agreements which delivery period starts in March and ends in December of each year.
Prices under all the agreements are adjusted annually for inflation.&nbsp;&nbsp;Revenue related to the sale of electricity under
these two agreements is recorded based upon output delivered.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.23.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Farmlands sales</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group&#146;s strategy
is to profit from land appreciation value generated through the transformation of its productive capabilities. Therefore, the Group
may seek to realize value from the sale of farmland assets and businesses.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Farmland sales are not
recognized until (i) the sale is completed, (ii) the Group has determined that it is probable the buyer will pay, (iii) the amount
of revenue can be measured reliably, and (iv) the Group has transferred to the buyer the risk of ownership, and does not have a
continuing involvement. Gains from &#147;farmland sales&#148; are included in the statement of income under the line item &#147;Other
operating income, net&#148;.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">The accompanying notes are an integral part of these consolidated
financial statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<B>&nbsp;</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.24.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Assets held for sale and discontinued operations</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">When the Group intends
to dispose of, or classify as held for sale, a business component that represents a separate major line of business or geographical
area of operations, or a subsidiary acquired exclusively with a view to resale, it classifies such operations as discontinued.
The post tax profit or loss of the discontinued operations is shown as a single amount on the face of the statement of income,
separate from the other results of the Group.&nbsp;&nbsp;Assets and liabilities classified as held for sale are measured at the
lower of carrying value and fair value less costs to sell.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Non-current assets
and disposal groups are classified as held for sale if their carrying amount will be recovered through a disposal rather than
through continuing use. This condition is regarded as met only when management is committed to the sale (disposal), the sale (disposal)
is highly probable and expected to be completed within one year from classification and the asset is available for immediate sale
(disposal) in its present condition. The statements of income for the comparative periods are represented to show the discontinued
operations separate from the continuing operations.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.25.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Earnings per share</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Basic earnings per
share is calculated by dividing the net income for the year attributable to equity holders of the parent by the weighted average
number of ordinary shares outstanding during the year. Diluted net earnings per share is computed by dividing the net income for
the period by the weighted average number of ordinary shares outstanding, and when dilutive, adjusted for the effect of all potentially
dilutive shares, including share options, on an as-if converted basis.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.26.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Equity-settled share-based payments</B></P></TD></TR>
</TABLE>


<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group issues equity
settled share-based payments to certain directors, senior management and employees. Options under the awards are measured at fair
value at the date of grant. Management measures the fair value using the valuation technique that they consider to be the most
appropriate to value each class of award. Methods used may include Black-Scholes calculations or other models as appropriate.
The valuations take into account factors such as non-transferability, exercise restrictions and behavioral considerations.&nbsp;&nbsp;An
expense is recognized to spread the fair value of each award over the vesting period on a straight-line basis, after allowing
for an estimate of the awards that will eventually vest. The estimate of the level of vesting is reviewed at least annually, with
any impact on the cumulative charge being recognized immediately.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>2.27.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Research and development</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Research phase expenditure
is expensed as incurred. Development expenditure is capitalized as an internally generated intangible asset only if it meets strict
criteria, relating in particular to technical feasibility and generation of future economic benefits. Research expenses have been
immaterial to date. The Group has not capitalized any development expenses to date.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>3.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Financial risk management</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Risk management principles
and processes</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group&#146;s activities
are exposed to a variety of financial risks. The Group&#146;s overall risk management program focuses on the unpredictability
of financial markets and seeks to minimize the Group&#146;s capital costs by using suitable means of financing and to manage and
control the Group&#146;s financial risks effectively. The Group uses financial instruments to hedge certain risk exposures.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group&#146;s approach
to the identification, assessment and mitigation of risk is carried out by a Risk and Commercial Committee, which focuses on timely
and appropriate management of risk. This Committee has overall accountability for the identification and management of risk across
the Group.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">The accompanying notes are an integral part of these consolidated
financial statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>3.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Financial risk management (continued)</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The principal financial
risks arising from financial instruments are raw material price risk, end-product price risk, exchange rate risk, interest rate
risk, liquidity risk and credit risk. This section provides a description of the principal risks and uncertainties that could
have a material adverse effect on the Group&#146;s strategy, performance, results of operations and financial condition. The
principal risks and uncertainties facing the business, set out below, do not appear in any particular order of potential materiality
or probability of occurrence.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; width: 89%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exchange rate risk</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group&#146;s cash
flows, statement of income and statement of financial position are presented in US dollars and may be affected by fluctuations
in exchange rates. Currency risks as defined by IFRS 7 arise on account of monetary assets and liabilities being denominated in
a currency that is not the functional currency.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A significant majority
of the Group&#146;s business activities is conducted in the respective functional currencies of the subsidiaries (primarily the
Brazilian Reais and the Argentine Peso). However, the Group may transact in currencies other than the respective functional currencies
of its subsidiaries mainly the US dollars. As such, these subsidiaries may hold US dollar denominated&nbsp;&nbsp;monetary balances
at each year-end as indicated in the tables below.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group&#146;s net
financial position exposure to the US dollar is managed on a case-by-case basis, partly by hedging certain expected cash flows
with foreign exchange derivative contracts.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following tables
show the net monetary position of the respective subsidiaries within the Group categorized by functional currency. Non-US dollar
amounts are presented in US dollars for purpose of these tables.&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 90%; margin-left: 38pt">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="18" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -11.65pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -11.65pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Subsidiaries&#146;
    functional currency</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -11.65pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Net
    monetary position <BR>
(Liability)/ Asset</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Argentine</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Peso</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Brazilian</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Reais</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Uruguayan<BR>

    Peso</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>US
    Dollar</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Argentine
Peso&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(24,585</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(24,585</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Brazilian
Reais&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(348,760</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(348,760</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;US
Dollar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(55,098</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(241,033</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28,603</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">85,165</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(182,363</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Uruguayan
Peso&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(753</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(753</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;<B>Total&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(79,683</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(589,793</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>27,850</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>85,165</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(556,461</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 90%; margin-left: 38pt">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="18" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -11.65pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -11.65pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Subsidiaries&#146;
    functional currency</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -11.65pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Net
    monetary position <BR>
(Liability)/ Asset</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Argentine</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Peso</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Brazilian</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Reais</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -11.65pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Uruguayan
    <BR>
Peso</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -11.65pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>US
    Dollar</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -11.65pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Argentine
Peso&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(45,397</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(45,397</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Brazilian
Reais&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(297,547</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(297,547</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;US
Dollar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(71,582</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(159,503</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,759</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">110,533</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(92,793</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Uruguayan
Peso&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(971</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(971</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;Total&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(116,979</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(457,050</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>26,788</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>110,533</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(436,708</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group&#146;s analysis
shown on the tables below is carried out based on the exposure of each functional currency subsidiary against the US dollar. The
Group estimated that, other factors being constant, a hypothetical 10% appreciation of the US dollar against the respective functional
currencies for the years ended December 31, 2014would have decreased the Group&#146;s <B>Profit</B> <B>Before Income Tax</B> for
the year. For the year ended December 31, 2013, the Group estimated that, other factors being constant, a 10% appreciation of the
US dollar against the respective functional currencies would have increased the Group&#146;s <B>Loss</B> <B>Before Income Tax</B>
for the year. A 10% depreciation of the US dollar against the functional currencies would have an equal and opposite effect on
the income statement.&nbsp;A portion of this effect would be recognized as other comprehensive income since a portion of the Company&#146;s
borrowings was used as cash flow hedge of the foreign exchange rate risk of a portion of its highly probable future sales in US
dollars (see Hedge Accounting - Cash Flow Hedge below for details).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">The accompanying notes are an integral part of these consolidated
financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>3.</B></P></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Financial risk management (continued)</B></P></TD></TR>
</TABLE>




<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 94%; margin-left: 36pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom-width: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom-width: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.55pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Functional
    currency</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; padding-right: 2.55pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Net
    monetary position</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Argentine</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Peso</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Brazilian</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Reais</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Uruguayan
    <BR>
Peso</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>US
    Dollar</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 11%; text-align: justify; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="width: 29%; text-align: justify; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">US Dollar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,510</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(24,103</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,860</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(26,753</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">US Dollar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7,158</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(15,951</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,776</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(20,333</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The tables above only
consider the effect of a hypothetical appreciation / depreciation of the US dollars on the Group&#146;s net financial position.
A hypothetical appreciation / depreciation of the US dollar against the functional currencies of the Group&#146;s subsidiaries
has historically had a positive / negative effect, respectively, on the fair value of the Group&#146;s biological assets and the
end prices of the Group&#146;s agriculture produce, both of which are generally linked to the US dollar.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Hedge Accounting
- Cash Flow Hedge</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Effective July 1, 2013,&nbsp;&nbsp;the
Group formally documented and designated cash flow hedging relationships to hedge the foreign exchange rate risk of a portion of
its highly probable future sales in US dollars using a portion of its borrowings denominated in US dollars, currency forwards and
foreign currency floating-to-fixed interest rate swaps.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Principal amounts of
long-term borrowings (non-derivative financial instruments) and notional values of foreign currency forward contracts (derivative
financial instruments) were designated as hedging instruments. These instruments are exposed to Brazilian Reais/ US dollar foreign
currency risks related to the operations in Brazil and to Argentine Peso/ US dollar foreign currency risks related to the operations
in Argentina. As of December 31, 2014 and 2013, approximately 20.3% and 23.6%, respectively, of projected sales qualify as highly
probable forecast transactions for hedge accounting purposes and were designated as hedged items.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group has prepared
formal documentation in order to support the designation above, including an explanation of how the designation of the hedging
relationship is aligned with the Group&#146;s Risk Management Policy objective and strategy, identification of the hedging instrument,
the hedged transactions, the nature of the risk being hedged and an analysis which demonstrates that the hedge is expected to be
highly effective. The Group reassesses the prospective and retrospective effectiveness of the hedge on an ongoing basis comparing
the foreign currency component of the carrying amount of the hedging instruments and of the highly probable future sales.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Cash flow hedge accounting
permits that gains and losses arising from the effect of changes in foreign currency exchange rates on derivative and non-derivative
hedging instruments not be immediately recognized in profit or loss, but be reclassified from equity to profit or loss in the same
periods during which the future sales occur, thus allowing for a more appropriate presentation of the results for the period reflecting
the strategy in the Group&#146;s Risk Management Policy.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">The Company
expects that the cash flows will occur and affect profit or loss between 2015 and 2020.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For the year ended
December 31, 2014, a total amount before income tax of US$ 53,467 was recognized in other comprehensive income and an amount of
US$ (12,031) loss was reclassified from equity to profit or loss within &#147;Financial results, net&#148;.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; width: 89%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Raw material price risk</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Inflation in the costs
of raw materials and goods and services from industry suppliers and manufacturers presents risks to project economics. A significant
portion of the Group&#146;s cost structure includes the cost of raw materials primarily seeds, fertilizers and agrochemicals,
among others. Prices for these raw materials may vary significantly.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial risk management (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 89%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>End-product price risk</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Prices for commodities
products have historically been cyclical, reflecting overall economic conditions and changes in capacity within the industry, which
affect the profitability of entities engaged in the agribusiness industry. The Group&#146;s commercial team combines different
actions to minimize price&nbsp;risk. A percentage of crops are to be sold during and post harvest period. The Group manages minimum
and maximum prices for each commodity as well as gross margin per each crop as to decide when and how to sell. End-product price
risks are hedged if economically viable and possible by entering into forward contracts with major trading houses or by using derivative
financial instruments, consisting mainly of crops, sugar and coffee&nbsp; future contracts, but also includes occasionally put
and call options. A movement in end-product futures prices would result in a change in the fair value of the end product hedging
contracts. These fair value changes, after taxes, are recorded in the statement of income.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Contract positions
are designed to ensure that the Group would receive a defined minimum price for certain quantities of its production. The counterparties
to these instruments generally are major financial institutions. In entering into these contracts, the Group has assumed the risk
that might arise from the possible inability of counterparties to meet the terms of their contracts. The Group does not expect
any material losses as a result of counterparty defaults. The Group is also obliged to pay margin deposits and premiums for these
instruments. These estimates represent only the sensitivity of the financial instruments to market risk and not the Group exposure
to end product price risks as a whole, since the crops and cattle products sales are not financial instruments within the scope
of IFRS 7 disclosure requirements.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Symbol"></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 89%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Liquidity risk</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group is exposed
to liquidity risks, including risks associated with refinancing borrowings as they mature, the risk that borrowing facilities are
not available to meet cash requirements and the risk that financial assets cannot readily be converted to cash without loss of
value. Failure to manage financing risks could have a material impact on the Group&#146;s cash flow and statement of financial
position.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Prudent liquidity risk
management includes managing the profile of debt maturities and funding sources close oversight of cash flows projections, maintaining
sufficient cash, and ensuring the availability of funding from an adequate amount of committed credit facilities and the ability
to close out market positions.&nbsp;&nbsp;The Group&#146;s ability to fund its existing and prospective debt requirements is managed
by maintaining diversified funding sources with adequate available funding lines from high quality lenders; and reaching to have
long-term financial facilities.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31, 2014,
cash and cash equivalents of the Group totaled U$S 113.8 million, which could be used for managing liquidity risk.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The tables below analyzes
the Group&#146;s non-derivative financial liabilities and derivative financial liabilities into relevant maturity groupings based
on the remaining period at the statement of financial position to the contractual maturity date. The amounts disclosed in the
table are the contractual undiscounted cash flows and as a result they do not reconcile to the amounts disclosed on the statement
of financial position except for short-term payables when discounting is not applied.&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px; vertical-align: middle; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>At
    31 December 2014</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Less
                                         than</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>1 year</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Between</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>1 and 2 years</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Between
                                         2</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>and 5 years</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Over</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>5 Years</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; padding-right: -1.25pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-right: 0.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade and other payables&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">73,247</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">583</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,582</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">226</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">75,638</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 0.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Borrowings (excluding finance lease liabilities)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">243,811</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">200,364</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">249,912</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">113,446</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">807,533</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 0.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance leases&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">373</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">291</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">48</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">712</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 0.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,860</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,899</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; padding-right: 0.05pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>331,291</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>201,277</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>251,542</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>113,672</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>897,782</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial risk management (continued)</B></FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px; vertical-align: middle; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>At
    31 December 2013</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Less
                                         than</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>1 year</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Between</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>1 and 2 years</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Between
                                         2</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>and 5 years</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Over</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>5 Years</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; padding-right: -1.15pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-right: 0.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade and other payables&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">86,962</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">587</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,091</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">268</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">89,908</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 0.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Borrowings (excluding finance lease liabilities)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">190,244</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">176,826</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">296,639</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">111,536</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">775,245</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 0.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance leases&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">405</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">248</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">163</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">816</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 0.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Derivative financial instruments</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,600</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,600</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; padding-right: 0.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>290,211</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>177,661</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>298,893</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>111,804</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>878,569</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 89%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Interest rate risk</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group&#146;s financing
costs may be significantly affected by interest rate volatility. Borrowings under the Group&#146;s interest rate management policy
may be fixed or floating rate. The Group maintains adequate committed borrowing facilities and holds most of its financial assets
primarily in short-term, highly liquid investments that are readily convertible to known amounts of cash.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group&#146;s interest
rate risk arises from long-term borrowings. Borrowings issued at floating rates expose the Group to cash flow interest rate risk.
Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The interest rate profile of the Group&#146;s
borrowings is set out in Note 21.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group occasionally
manages its cash flow interest rate risk exposure by using floating-to-fixed interest rate swaps. Such interest rate swaps have
the economic effect of converting borrowings from floating rates to fixed rates.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following tables
show a breakdown of the Group&#146;s fixed-rate and floating-rate borrowings per currency denomination and functional currency
of the subsidiary issuing the loans (excluding finance leases). These analyses are performed after giving effect to interest rate
swaps.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The analysis for the
year ended December 31, 2014 and 2013 is as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%; margin-left: 38pt">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Subsidiaries&#146;
    functional currency</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rate
    per currency denomination</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Argentine</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Peso</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Brazilian</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Reais</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Uruguayan
    <BR>
Peso</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;<B>Fixed rate:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 44%; text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Argentine Peso&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,799</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,799</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Brazilian Reais&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">233,315</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">233,315</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;US Dollar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,625</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">48,003</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,005</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">87,633</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;Subtotal Fixed-rate borrowings</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>42,424</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>281,318</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>12,005</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>335,747</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;Variable rate:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Brazilian Reais&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">129,418</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">129,418</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;US Dollar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26,226</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">206,535</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">232,761</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;Subtotal Variable-rate borrowings</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>26,226</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>335,953</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>362,179</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;Total borrowings as per analysis</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>68,650</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>617,271</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>12,005</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>697,926</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Finance leases&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">580</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>580</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;Total borrowings as per statement of financial position</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>69,230</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>617,271</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>12,005</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>698,506</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Consolidated Financial
Statements (Continued)</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(All amounts in US$
thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial risk management (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%; margin-left: 38pt">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Subsidiaries&#146;
    functional currency</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rate
    per currency denomination</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Argentine</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Peso</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Brazilian</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Reais</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Uruguayan
    <BR>
Peso</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt">&nbsp;&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fixed rate:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 44%; text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Argentine Peso&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,426</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,426</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Brazilian Reais&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">184,958</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">184,958</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;US Dollar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,279</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,424</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50,718</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;Subtotal Fixed-rate borrowings</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>65,705</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>200,382</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>15</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>266,102</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;Variable rate:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Brazilian Reais&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">187,071</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">187,071</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;US Dollar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">38,351</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">167,868</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">206,219</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;Subtotal Variable-rate borrowings</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>38,351</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>354,939</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>393,290</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;Total borrowings as per analysis</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>104,056</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>555,321</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>15</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>659,392</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Finance leases&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">710</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">739</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left; padding-right: 1.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;Total borrowings as per statement of financial position</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>104,766</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>555,350</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>15</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>660,131</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For the years ended
December 31, 2014, if interest rates on floating-rate borrowings had been 1% higher with all other variables held constant, the
Group&#146;s <B>Profit Before Income Tax</B> for the years would have&nbsp;&nbsp;decreased as shown below. A 1% decrease in interest
rates would have an equal and opposite effect on the income statement.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For the year ended
December 31, 2013, if interest rates on floating-rate borrowings had been 1% higher with all other variables held constant, the
Group&#146;s <B>Loss Before Income Tax</B> for the year would have increased as shown below. A 1% decrease in interest rates
would have an equal and opposite effect on the income.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; text-indent: 9pt; width: 80%; margin-left: 38pt">
<TR STYLE="text-align: justify; text-indent: 9pt; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Subsidiaries&#146;
    functional currency</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rate
    per currency denomination</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Argentine</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Peso</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Brazilian</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Reais</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Uruguayan
    <BR>
Peso</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;Variable rate:</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 44%; text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Brazilian Reais&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,294</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,294</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;US Dollar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(262</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,066</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,328</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;Total effects on Profit Before Income Tax</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(262</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(3,360</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(3,622</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%; margin-left: 38pt">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Subsidiaries&#146;
    functional currency</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rate
    per currency denomination</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Argentine</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Peso</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Brazilian</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Reais</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Uruguayan
    <BR>
Peso</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;Variable rate:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 44%; text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Brazilian Reais&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,871</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,871</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;US Dollar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(384</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,679</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,063</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;Total effects on Profit Before Income Tax</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(384</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(3,550</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(3,934</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<FONT STYLE="font-weight: normal">The accompanying notes
are an integral part of these consolidated financial statements.</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Consolidated Financial
Statements (Continued)</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(All amounts in US$
thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial risk management (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;The sensitivity
analysis has been determined assuming that the change in interest rates had occurred at the date of the statement of financial
position and had been applied to the exposure to interest rate risk for financial instruments in existence at that date. The 100
basis point increase or decrease represents management&#146;s assessment of a reasonable possible change in those interest rates,
which have the most impact on the Group, specifically the United States and Brazilian rates over the period until the next annual
statement of financial position date.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Symbol"></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 89%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Credit risk</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group&#146;s exposures
to credit risk takes the form of a loss that would be recognized if counterparties failed to, or were unable to, meet their payment
obligations. These risks may arise in certain agreements in relation to amounts owed for physical product sales, the use of derivative
instruments, and the investment of surplus cash balances. The Group is also exposed to political and economic risk events, which
may cause non-payment of foreign currency obligations to the Group..</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group&#146;s policy
is to manage credit exposure to trading counterparties within defined trading limits. All of the Group&#146;s significant counterparties
are assigned internal credit limits.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group sells manufactured
products, agricultural products and offers services to a large base of customers. Type and class of customers may differ depending
on the Group&#146;s business segments. For the years ended December 31, 2014 and 2013, more than 94% and 78%, respectively, of
the Group&#146;s sales of crops were sold to 41 and 35 well-known customers (both multinational and local) with good credit history
with the Group.&nbsp;&nbsp;In the Sugar, Ethanol and Energy segment, sales of ethanol were concentrated in 15 and 21 customers,
which represented 79% and 94% of total sales of ethanol for the years ended December 31, 2014 and 2013, respectively. Approximately
96% and 83% of the Group&#146;s sales of sugar were concentrated in 6 well-known traders for the years ended December 31, 2014
and 2013, respectively. The remaining 25% and 17%, which mainly relates to &#147;crystal sugar&#148;, were dispersed among several
customers. In 2014 and 2013, energy sales are 86% and 95% concentrated in 5 and 4 major customers. In the dairy segment, 72% and
55% of the sales were concentrated in 9 and 4 well-known customers in 2014 and 2013, respectively.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">No credit limits were
exceeded during the reporting periods and management does not expect any losses from non-performance by these counterparties. If
any of the Group&#146;s customers are independently rated, these ratings are used. Otherwise, if there is no independent rating,
the Group assesses the credit quality of the customer taking into account its financial position, past experience and other factors
(see Note 13 for details). The Group may seek cash collateral, letter of credit or parent company guarantees, as considered appropriate.
Sales to customers are primarily made by credit with customary payment terms. The maximum exposure to credit risk is represented
by the carrying amount of each financial asset in the statement of financial position after deducting any impairment allowance.
The Group&#146;s exposure of credit risk arising from trade receivables is set out in Note 13.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group is exposed
to counterparty credit risk on cash and cash equivalent balances. The Group holds cash on deposit with a number of financial institutions.
The Group manages its credit risk exposure by limiting individual deposits to clearly defined limits. The Group only deposits with
high quality banks and financial institutions. The maximum exposure to credit risk is represented by the carrying amount of cash
and cash equivalents in the statement of financial position. As of December 31, 2014 and 2013, the total amount of cash and cash
equivalents mainly comprise cash in banks and short-term bank deposits. The Group is authorized to transact with banks rated &#147;BBB+&#148;
or higher. As of December 31, 2014 and 2013, 2 and 7 banks (primarily HSBC and Rabobank) accounted for more than 87% and 85%, respectively,
of the total cash deposited. The remaining amount of cash and cash equivalents relates to cash in hand. Additionally, during the
year ended December 31, 2014, the Group invested in fixed-term bank deposits with mainly two banks (Banco do Brasil and ABC Brasil)
and also entered into derivative contracts (currency forward).&nbsp;The Group does not have investment in securities or other financial
instruments for which risk may have increased due to the financial credit crisis. The Group&#146;s exposure of credit risk arising
from cash and cash equivalents is set out in Note 15.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Consolidated Financial
Statements (Continued)</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(All amounts in US$
thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial risk management
(continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group&#146;s primary
objective for holding derivative financial instruments is to manage currency exchange rate risk, interest rate risk and commodity
price risk. The Group generally enters into derivative transactions with high-credit-quality counterparties and, by policy, limits
the amount of credit exposure to any one counterparty based on an analysis of that counterparty&#146;s relative credit standing.
The amounts subject to credit risk related to derivative instruments are generally limited to the amounts, if any, by which counterparty&#146;s
obligations exceed the obligations with that counterparty.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Similarly, transactions
involving derivative financial instruments are with counterparties with high credit ratings (see Note 12 for details).&nbsp; The
Group arranged interest rate swaps with Rabobank, BGT Pactual, HSBC and Votorantim in Brazil and Rabobank in Argentina. The Group
also entered into crop commodity futures traded in the established trading markets of Argentina and Brazil through well-rated
brokers. Management does not expect any counterparty to fail to meet its obligations.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 89%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Capital risk management</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group&#146;s objectives
when managing capital are to safeguard the Group&#146;s ability to continue as a going concern in order to provide returns for
shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In
order to maintain or adjust the capital structure, it may adjust the amount of dividends paid to shareholders, return capital
to shareholders, issue new shares or sell assets to reduce debt. Consistent with others in the industry, the Group monitors capital
on the basis of the gearing ratio. This ratio is calculated as total debt (including current and non-current borrowings as shown
in the consolidated statement of financial position, if applicable) divided by total capital. Total capital is calculated as equity,
as shown in the consolidated statement of financial position, plus total debt. During the year ended December 31, 2014, the strategy
was to maintain the gearing ratio within 0.18 to 0.50, as follows:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 60%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total Debt</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">698,506</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">660,131</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total Equity</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">770,385</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">854,349</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total Capital</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,468,891</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,514,480</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Gearing Ratio</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>0.48</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>0.44</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 89%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Derivative financial instruments</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As part of its business
operations, the Group uses a variety of derivative financial instruments to manage its exposure to the financial risks discussed
above. The primary objective for holding derivative financial instruments is to manage currency exchange rate risk, interest rate
risk and commodity price risk. As part of this strategy, the Group may enter into (i) interest rate derivatives to manage the
composition of floating and fixed rate debt; (ii) currency derivatives to manage the currency composition of its cash and cash
equivalents; and (iii) crop future contracts and put and call options to manage its exposure to price volatility stemming from
its integrated crop production activities. The Group&#146;s policy is not to use derivatives for speculative purposes.<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT><BR>
&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Derivative financial
instruments involve, to a varying degree, elements of market and credit risk not recognized in the financial statements. The market
risk associated with these instruments resulting from price movements is expected to offset the market risk of the underlying
transactions, assets and liabilities, being hedged. The counterparties to the agreements relating to the Group&#146;s contracts
generally are large institutions with credit ratings equal to or higher than BBB+. The Group continually monitors the credit rating
of such counterparties and seeks to limit its financial exposure to any one financial institution. While the contract or notional
amounts of derivative financial instruments provide one measure of the volume of these transactions, they do not represent the
amount of the Group&#146;s exposure to credit risk. The amounts potentially subject to credit risk (arising from the possible
inability of counterparties to meet the terms of their contracts) are generally limited to the amounts, if any, by which the counterparties&#146;
obligations under the contracts exceed the Group&#146;s obligations to the counterparties.&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-align: center; margin: 0pt 0"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Consolidated Financial
Statements (Continued)</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(All amounts in US$
thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial risk management
(continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following tables show
the outstanding positions for each type of derivative contract as of the date of each statement of financial position:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 89%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Futures/ options</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31, 2014:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -11.65pt; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Type
                                         of</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>derivative contract</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Quantities
    </B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">(thousands)</FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">(**)</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Notional
    </B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">amount</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Fair</B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">Value
    Asset/</FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">(Liability)</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(Loss)/Gain</B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">(*)</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Futures:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Sale</I></B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">192</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28,269</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,556</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,556</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soybean&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">231</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">71,207</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(439</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(439</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wheat&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,879</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(244</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(244</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">155,103</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">58,965</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,691</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,814</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Options:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Buy put</I></B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">780</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">437</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(343</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50,803</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,028</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">681</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(693</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Sell call</I></B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(360</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(289</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">71</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>206,378</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>180,768</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,281</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(8,018</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31, 2013:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -11.65pt; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Type
                                         of</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>derivative contract</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -4.65pt; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Quantities
    </B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">(thousands)</FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">(**)</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Notional<BR>
                                         amount</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Fair<BR>
                                         Value Asset/<BR>
                                         (Liability)</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(Loss)/Gain</B></FONT><B><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif">(*)</FONT></FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Futures:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Sale</I></B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,054</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soybean&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">74</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26,092</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">310</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">310</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wheat&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">89</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,883</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">859</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">859</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">138</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">53,518</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,187</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,187</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>OTC:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soybean&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,400</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">190</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">190</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Options:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Buy put</I></B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soybean&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">38</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">348</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">534</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">186</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Sell call</I></B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soybean&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Sell put</I></B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soybean&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">51</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(160</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(190</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(30</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>424</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>105,128</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,905</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,724</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">(*)
Included in the line item &#147;Gain from commodity derivative financial instruments&#148; of Note 28.</FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">(**)
All quantities expressed in tons except otherwise indicated.</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 2.55pt 0pt 0; font: 10pt Times New Roman, Times, Serif">Commodity
future contract fair values are computed with reference to quoted market prices on future exchanges.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 2.55pt 0pt 0"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Consolidated Financial
Statements (Continued)</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(All amounts in US$
thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial risk management (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 89%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Floating-to-fixed interest rate swaps</B></P></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In May 2012, the Group
entered into a US$ 60 million floating-to-fixed interest rate forward swap expiring November 15, 2016 expecting to hedge against
the variability of the cash flows of the new IDB Tranche B facility (see Note 21). The redefined facility comprises a five-year
US$ 60 million loan bearing interest at 180-day LIBOR plus 4.45% per annum (fixed interest rate: 5.70%).</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group did not apply
hedge accounting to any of these agreements. As of December 31, 2014 and 2013, the Group recorded a liability of US$ 0.07 million
and US$ 0.60 million, respectively, the estimated fair value of the outstanding swaps at those dates.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 89%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Foreign currency fixed-to-floating interest rate swap</B></P></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In August and September
2012 the Group&#146;s subsidiary in Brazil, Adecoagro Vale do Ivinhema entered into a interest rate swap operation with Deutsche
Bank in an aggregate amount of US$ 30 million (US$ 15 million per month). In those operations Adecoagro Vale do Ivinhema receives
exchange variation plus 4.37% per year, and pays CDI (an interbank floating interest rate in Reais) plus 2% per year<FONT STYLE="color: #004080">,
</FONT>and at the same time convert the currency interest payment into Reais at a fixed exchange rate. The Group did not apply
hedge accounting to this instrument. This swap expired on June 2013.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 89%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Foreign currency floating-to-fixed interest rate swap</B></P></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In June 2012 the Group&#146;s
subsidiary in Brazil, Adecoagro Vale do Ivinhema entered into a Reais 230 million syndicated loan with Rabobank International
Brasil, BGT Pactual, HSBC and Votorantim. The loan bears interest at a variable rate of CDI plus 3.60% per annum. At same moment
and with same banks, the Company entered into a swap operation, which intention is to effectively convert the &nbsp;principal
amount and interest rate denominated in Reais, to a principal amount an interest rate denominated in US$, plus a fixed rate of
7.70% per annum. The swap expires according to the due dates of the loan, until December 2015. As of December 31, 2014 and 2013,
the Group recorded a liability of US$ 9.44 and US$ 10.06 million representing the estimated fair value of the swap as of that
date.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 89%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Currency forward</B></P></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During the years ended
December 31, 2014, 2013 and 2012, the Group entered into several currency forward contracts with Brazilian banks in order to hedge
the fluctuation of the Brazilian Reais against the US Dollar for a total aggregate amount of US$ 25.5 million, US$ 12.5 million,
and US$ 56.9 million, respectively. The currency forward contract entered in 2014 and outstanding as of December 31, 2014 has maturity
date in January 2015. The outstanding contracts resulted in recognition of a gain of US$ 0.2 million in 2014 and of a loss of US$
3.1 million in 2013. Gains and losses on currency forward contracts are included within &#147;Financial results, net&#148; in
the statement of income.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During the year ended
on December 2014, the Group entered into several currency forward contracts with Argentinian banks in order to hedge the fluctuation
of the Argentinean peso against US Dollar for a total notional amount of US$ 26.7 million. The currency forward contracts maturity
date is between April 2014 and October 2014. The outstanding contracts resulted in the recognition of a loss/gain amounting to
US$ 0.48 million in 2014. Gain and losses on currency forward contracts are included within &#147;Financial results, net&#148;
in the statement of income.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During the year ended
on December 2014, the Group entered into several currency forward contracts in order to hedge the fluctuation of the US Dollar
against Euro for a total notional amount of US$ 9,5 million. The currency forward contracts maturity date is between March 2015
and June 2015. The outstanding contracts resulted in the recognition of a loss/gain amounting to US$ 0.3 million in 2014. Gain
and losses on currency forward contracts are included within &#147;Financial results, net&#148; in the statement of income.&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="text-align: center; margin: 0pt 0"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Consolidated Financial
Statements (Continued)</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(All amounts in US$
thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Critical accounting estimates
and judgments</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Critical accounting
policies are those that are most important to the portrayal of the Group&#146;s financial condition, results of operations and
cash flows, and require management to make difficult, subjective or complex judgments and estimates about matters that are inherently
uncertain. Management bases its estimates on historical experience and other assumptions that it believes are reasonable. The Group&#146;s
critical accounting policies are discussed below.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Actual results could
differ from estimates used in employing the critical accounting policies and these could have a material impact on the Group&#146;s
results of operations. The Group also has other policies that are considered key accounting policies, such as the policy for revenue
recognition. However, these other policies, which are discussed in the notes to the Group&#146;s financial statements, do not
meet the definition of critical accounting estimates, because they do not generally require estimates to be made or judgments that
are difficult or subjective.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>(a)&nbsp;&nbsp;Business
combinations &ndash; purchase price allocation</I></B></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Accounting for business
combinations requires the allocation of the Group&#146;s purchase price to the various assets and liabilities of the acquired
business at their respective fair values. The Group uses all available information to make these fair value determinations, and
for major acquisitions, may hire an independent appraisal firm to assist in making fair value estimates. In some instances, assumptions
with respect to the timing and amount of future revenues and expenses associated with an asset might have to be used in determining
its fair value. Actual timing and amount of net cash flows from revenues and expenses related to that asset over time may differ
materially from those initial estimates, and if the timing is delayed significantly or if the net cash flows decline significantly,
the asset could become impaired.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>(b)&nbsp;&nbsp;Impairment
testing</I></B></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">At the date of each
statement of financial position, the Group reviews the carrying amounts of its property, plant and equipment and finite lived intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where
the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the
cash-generating unit to which the asset belongs. The Group&#146;s property, plant and equipment items generally do not generate
independent cash flows.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Goodwill on acquisition
is initially measured at cost being the excess of the cost of the business combination over the Group&#146;s interest in the net
fair value of the identifiable assets, liabilities and contingent liabilities. As of the acquisition date, any goodwill acquired
is allocated to the cash-generating unit (&lsquo;CGU&#146;) expected to benefit from the business combination.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Following initial recognition,
goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually, or more frequently
if events or changes in circumstances indicate that the carrying amount may be impaired. The impairment review requires management
to undertake certain judgments, including estimating the recoverable value of the CGU to which the goodwill relates, based on either
fair value less costs-to-sell or the value-in-use, as appropriate, in order to reach a conclusion on whether it deems the goodwill
is impaired or not.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For purposes of the
impairment testing, each CGU represents the smallest identifiable group of assets that generate cash inflows that are largely independent
of the cash inflows from other assets or group of assets.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Farmlands may be used
for different activities that may generate independent cash flows. Generally, each separate farmland business within Argentina
and Uruguay are treated as single CGUs. Otherwise, when farmland businesses are used for more than one segment activity (i.e. crops
and cattle or rental income), the farmland is further subdivided into two or more CGUs, as appropriate, for purposes of impairment
testing. For its properties in Brazil, management identified a farmland together with its related mill as separate CGUs.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Consolidated Financial
Statements (Continued)</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(All amounts in US$
thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Critical accounting estimates
and judgments (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Based on these criteria,
management identified a total amount of thirty-eight CGUs as of September 30, 2014 and forty-one CGUs as of September 30, 2013.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of September 30,
2014 and 2013, due to the fact that there were no impairment indicators, the Group only tested those CGUs with allocated goodwill
in Argentina, Brazil and Uruguay.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>CGUs tested based
on a fair-value-less-costs-to-sell model at September 30, 2014 and 2013:</I></B></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of September 30,
2014, the Group identified 10 CGUs in Argentina and Uruguay (2013: 10 CGUs) to be tested based on this model (all CGUs with allocated
goodwill). Estimating the fair value less costs-to-sell is based on the best information available, and refers to the amount at
which the CGU could be bought or sold in a current transaction between willing parties. In calculating the fair value less costs-to-sell,
management may be assisted by the work of external advisors. When using this model, the Group applies the &#147;sales comparison
approach&#148; as its method of valuing most properties. This method relies on results of sales of similar agricultural properties
to estimate the value of the CGU. This approach is based on the theory that the fair value of a property is directly related to
the selling prices of similar properties.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Fair values are determined
by extensive analysis which includes current and potential soil productivity of the land projected margins derived from soil use,
rental value obtained for soil use, if applicable, and other factors such as climate and location. Farmland ratings are established
by considering such factors as soil texture and quality, yields, topography, drainage and rain levels. Farmland may contain farm
outbuildings. A farm outbuilding is any improvement or structure that is used for farming operations.&nbsp;&nbsp;Outbuildings are
valued based on their size, age and design.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The first step to establishing
an assessment for a farm property is a sales investigation that identifies the valid farm sales in the area where the farm is located.
A price per hectare is assigned for each soil class within each farm property. This price per hectare is determined based on the
quantitative and qualitative analysis mainly described above.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The results are then
tested against actual sales, if any, and current market conditions to ensure the values produced are accurate, consistent and fair.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
shows only the 10 CGUs (2013: 10 CGUs) where goodwill was allocated at each period end and the corresponding amount of goodwill
allocated to each one:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>CGU
    / Operating segment / Country</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>September
                                         30,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>2014</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>September
                                         30,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>2013</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">La Carolina / Crops / Argentina</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">La Carolina / Cattle / Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">76</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">111</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">El Orden&nbsp;&nbsp;/ Crops / Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">75</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">109</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">El Orden&nbsp;&nbsp;/ Cattle / Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">43</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">63</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">La Guarida / Crops / Argentina&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,152</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,677</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">La Guarida / Cattle / Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">182</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">265</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Los Guayacanes / Crops / Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">929</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,349</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -5.5pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Do&ntilde;a Marina / Rice / Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,275</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,765</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: -5.5pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Huelen / Crops / Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,669</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,339</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: -5.5pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">El Colorado / Crops / Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,852</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,694</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: -5.5pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Closing net book value of goodwill allocated to CGUs tested (Note 8)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,273</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,402</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Closing net book value of PPE items and other assets allocated to CGUs tested</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">55,014</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">80,385</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total assets allocated to CGUs tested</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>66,287</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>96,787</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Critical accounting estimates and judgments (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Based on the testing above,
the Group determined that none of the CGUs, with allocated goodwill, were impaired at September 30, 2014 and 2013.</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>CGUs tested based
on a value-in-use model at September 30, 2014 and 2013:</I></B></P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of September 30, 2014,
the Group identified 3 CGUs&nbsp;&nbsp;(2013: 3 CGUs) in Brazil to be tested base on this model (all CGUs with allocated goodwill).
In performing the value-in-use calculation, the Group applied pre-tax rates to discount the future pre-tax cash flows. In each
case, these key assumptions have been made by management reflecting past experience and are consistent with relevant external sources
of information, such as appropriate market data.</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The key assumptions used
by management in the value-in-use calculations which are considered to be most sensitive to the calculation are:&nbsp;</P>

<P STYLE="text-align: left; margin-left: 18pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 70%; margin-left: 3%">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 34%; text-align: center; padding-right: -11.65pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Key
    Assumptions</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; width: 31%; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>September
                                         30,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2014</B></FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; width: 31%; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>September
                                         30,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2013</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial projections</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Covers 4 years for UMA</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Covers 4 years for UMA</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cover 8 years for AVI</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Covers 8 years for AVI</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Yield average growth rates</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0-3%</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;0-3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Future pricing increases</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3% per annum</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3% per annum</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Future cost increases</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3% per annum</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3% per annum</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Discount rates</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7%</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,65%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Perpetuity growth rate</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,5%</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,5%</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table shows
only the 3 CGUs where goodwill was allocated at each period end and the corresponding amount of goodwill allocated to each one:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-left: 18pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 70%; margin-left: 3%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; text-align: center; padding-right: -11.65pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>CGU/
    Operating segment</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>September
                                         30,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2014</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>September
                                         30,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2013</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt; width: 70%; text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">AVI / Sugar, Ethanol and Energy</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,479</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,121</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt; text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">UMA / Sugar, Ethanol and Energy</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,430</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,671</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; padding-left: 9pt; text-align: justify; padding-right: 3.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">UMA (f.k.a. Alfenas Caf&eacute; Ltda) / Coffee</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">913</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,017</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; padding-left: 9pt; text-align: justify; padding-right: 3.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Closing net book value of goodwill allocated to CGUs tested (Note 8)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>9,822</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>10,809</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; padding-left: 9pt; text-align: justify; padding-right: 3.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Closing net book value of PPE items and other assets allocated to CGUs tested</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">609,266</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">559,332</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; padding-left: 9pt; text-align: justify; padding-right: 3.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total assets allocated to 3 CGUs tested</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>619,088</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>570,141</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Based on the testing above,
the Group determined that none of the CGUs, with allocated goodwill, were impaired at September 30, 2014 and 2013.</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Management views these
assumptions as conservative and does not believe that any reasonable change in the assumptions (10%) would cause the carrying value
of these CGU&#146;s to exceed the recoverable amount.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)<BR>
</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Critical accounting estimates and judgments (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;(c) Biological
assets</I></B></P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The nature of the Group&#146;s
biological assets and the basis of determination of their fair value are explained under Note 2.11. The discounted cash flow model
requires the input of highly subjective assumptions including observable and unobservable data. Generally the estimation of the
fair value of biological assets is based on models or inputs that are not observable in the market and the use of unobservable
inputs is significant to the overall valuation of the assets. Unobservable inputs are determined based on the best information
available, for example by reference to historical information of past practices and results, statistical and agronomical information,
and other analytical techniques. Key assumptions include future market prices, estimated yields at the point of harvest, estimated
production cycle, future cash flows, future costs of harvesting and other costs, and estimated discount rate.</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Market prices are generally
determined by reference to observable data in the principal market for the agricultural produce. Harvesting costs and other costs
are estimated based on historical and statistical data. Yields are estimated based on several factors including the location of
the farmland and soil type, environmental conditions, infrastructure and other restrictions and growth at the time of measurement.
Yields are subject to a high degree of uncertainty and may be affected by several factors out of the Group&#146;s control including
but not limited to extreme or unusual weather conditions, plagues and other crop diseases, among other factors.</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The key assumptions
discussed above are highly sensitive. Reasonable shifts in assumptions including but not limited to increases or decreases in prices,
costs and discount factors used would result in a significant increase or decrease to the fair value of biological assets. In addition,
cash flows are projected over a number of years and based on estimated production. Estimates of production in themselves are dependent
on various assumptions, in addition to those described above, including but not limited to several factors such as location, environmental
conditions and other restrictions. Changes in these estimates could materially impact on estimated production, and could therefore
affect estimates of future cash flows used in the assessment of fair value (see Note 9).</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>(d) Fair value of
derivatives and other financial instruments</I></B></P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Fair values of derivative
financial instruments are computed with reference to quoted market prices on trade exchanges, when available. The fair values of
commodity options are calculated using year-end market rates together with common option pricing models. The fair value of interest
rate swaps has been calculated using a discounted cash flow analysis.</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>(e) Income taxes</I></B></P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group is subject
to income taxes in numerous jurisdictions. Significant judgement is required in determining the worldwide provision for income
taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain. The Group recognizes
liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome
of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred
income tax assets and liabilities in the period in which such determination is made.</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Deferred tax assets
are reviewed each reporting date and reduced to the extent that it is no longer probable that sufficient taxable income will be
available to allow all or part of the asset to be settled. Deferred tax assets and liabilities are not discounted. In assessing
the recoverability of deferred tax assets, management considers whether it is probable that some portion or all of the deferred
tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable
income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal
of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. (see Note
22 for details).&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Segment information</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">IFRS 8 &#147;Operating
Segments&#148; requires an entity to report financial and descriptive information about its reportable segments, which are operating
segments or aggregations of operating segments that meet specified criteria.&nbsp;&nbsp;Operating segments are components of an
entity about which separate financial information is available that is evaluated regularly by the chief operating decision maker
(&#147;CODM&#148;) in deciding how to allocate resources and in assessing performance. The CODM evaluates the business based
on the differences in the nature of its operations, products and services.&nbsp;&nbsp;The amount reported for each segment item
is the measure reported to the CODM for these purposes.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group operates in
three major lines of business, namely, Farming; Sugar, Ethanol and Energy; and Land Transformation. As from January 1, 2014 the
Group&#146;s management does not consider its Coffee and Cattle businesses to be of continuing significance and they do not meet
the quantitative threshold for disclosure.&nbsp;&nbsp;The Coffee and Cattle businesses are now presented within &#147;Farming
&ndash; All Other Segments&#148; and prior year disclosures have been recast to conform to this presentation.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group operates
in three major lines of business, namely, Farming; Sugar, Ethanol and Energy; and Land Transformation.&nbsp;</P>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="text-align: justify; vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Group&#146;s <B>&lsquo;Farming&#146;</B> is further comprised of five reportable segments:</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 2%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Group&#146;s <B>&lsquo;Crops&#146;</B> Segment consists of planting, harvesting and sale of grains, oilseeds and fibers (including wheat, corn, soybeans, cotton and sunflowers, among others), and to a lesser extent the provision of grain warehousing/conditioning and handling and drying services to third parties. Each underlying crop in this segment does not represent a separate operating segment. Management seeks to maximize the use of the land through the cultivation of one or more type of crops. Types and surface amount of crops cultivated may vary from harvest year to harvest year depending on several factors, some of them out of the Group&acute;s control. Management is focused on the long-term performance of the productive land, and to that extent, the performance is assessed considering the aggregated combination, if any, of crops planted in the land. A single manager is responsible for the management of operating activity of all crops rather than for each individual crop.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 2%; text-indent: 0pt"><FONT STYLE="font: 10pt Webdings">&bull;</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Group&#146;s<B> &lsquo;Rice&#146; </B>Segment consists of planting, harvesting, processing and marketing of rice;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 2%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Group&#146;s <B>&lsquo;Dairy&#146;</B> Segment consists of the production and sale of raw milk,</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 2%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Group&#146;s <B>&lsquo;All Other Segments&#146; </B>consists of the aggregation of the remaining non-reportable operating segments, which do not meet the quantitative thresholds for disclosure and for which the Group&#146;s management does not consider them&nbsp;&nbsp;to be of continuing significance as from January 1, 2014, namely, Coffee and Cattle.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Group&#146;s <B>&lsquo;Sugar, Ethanol and Energy&#146;</B> Segment consists of cultivating sugarcane which is processed in owned sugar mills, transformed into ethanol, sugar and electricity and marketed;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Group&#146;s <B>&lsquo;Land Transformation&#146;</B> Segment comprises the (i) identification and acquisition of underdeveloped and undermanaged farmland businesses; and (ii) realization of value through the strategic disposition of assets (generating profits).</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The measurement principles
for the Group&#146;s segment reporting structure are based on the IFRS principles adopted in the consolidated financial statements.
..</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
presents information with respect to the Group&#146;s reportable segments. Certain other activities of a holding function nature
not allocable to the segments are disclosed in the column <B>&lsquo;Corporate&#146;</B>.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">&nbsp;<B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)<BR>
</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Segment information (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Segment analysis for
the year ended December 31, 2014&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; width: 19%; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Farming</I></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Sugar,
                                         </I></B></FONT><BR>
                                         <FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Ethanol </I></B></FONT><B><I><FONT STYLE="font-size: 8pt">and</FONT></I></B><BR>
                                         <FONT STYLE="font-size: 8pt"><B><I>Energy</I></B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Land</I></B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Transformation</I></B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Corporate</I></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Total</I></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>All
                                         other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Farming</I></B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>subtotal</I></B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Sales of manufactured
    products and services rendered</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">189</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">101,336</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2,948</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,525</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>105,998</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>407,129</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>513,127</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Cost
    of manufactured products sold and services rendered</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(81,853</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(3,014</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(842</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(85,709</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(249,733</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(335,442</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Gross
    Profit from Manufacturing Activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>189</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>19,483</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(66</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>683</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>20,289</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>157,396</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>177,685</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Sales of agricultural
    produce and biological assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">177,473</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2,346</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">30,020</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>209,839</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>209,839</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Cost of agricultural
    produce sold and direct agricultural selling expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(177,473</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2,346</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(30,020</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(209,839</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(209,839</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Initial recognition and
    changes in fair value of biological assets and agricultural produce</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">40,267</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">8,559</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">9,891</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">179</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>58,896</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(31,751</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>27,145</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Changes
    in net realizable value of agricultural produce after harvest</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,401</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>3,401</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>3,401</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Gross
    Profit / (loss) from Agricultural Activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>43,668</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>8,559</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>9,891</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>179</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>62,297</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(31,751</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>30,546</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Margin
    on Manufacturing and Agricultural Activities Before Operating Expenses</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>43,857</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>28,042</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>9,825</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>862</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>82,586</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>125,645</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>208,231</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">General and administrative
    expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4,343</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(3,218</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,554</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(166</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(9,281</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(22,054</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(21,360</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(52,695</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Selling expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4,201</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(14,367</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(596</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(29</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(19,193</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(57,815</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(1,856</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(78,864</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Other operating income,
    net</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">356</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">480</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">437</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(190</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,083</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>10,911</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(17</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>11,977</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Share
    of loss of joint ventures</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(924</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(924</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(924</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Profit / (loss) from
    Operations Before Financing and Taxation</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>34,745</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>10,937</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>8,112</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>477</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>54,271</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>56,687</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(23,233</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>87,725</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Reserve from the sale
    of non-controlling interests in subsidiaries (see Note 16)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>25,508</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>25,508</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,926</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(3,261</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,551</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(398</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(7,136</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(82,520</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(89,656</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Initial recognition and
    changes in fair value of biological assets (unrealized)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(912</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(3,571</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,127</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">542</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(2,814</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(14,325</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(17,139</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Initial recognition and
    changes in fair value of agricultural produce (unrealized)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,737</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,231</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(363</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>4,605</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(3,249</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,356</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Initial recognition and
    changes in fair value of biological assets and agricultural produce (realized)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">37,442</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">10,899</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">8,764</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>57,105</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(14,177</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>42,928</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Changes in net realizable
    value of agricultural produce after harvest (unrealized)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,134</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,134</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,134</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Changes in net realizable
    value of agricultural produce after harvest (realized)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2,267</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2,267</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2,267</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Property, plant and equipment,
    net</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">118,865</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">45,960</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">15,711</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">15,045</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>195,581</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>581,324</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>776,905</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Investment property</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">6,675</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>6,675</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>6,675</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Goodwill</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">7,241</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,228</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,482</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>11,951</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>8,221</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>20,172</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Biological assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">31,012</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">23,875</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">9,182</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2,193</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>66,262</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>274,970</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>341,232</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Investment in joint ventures</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2,752</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2,752</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2,752</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Inventories</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">37,056</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">11,077</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2,619</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>50,752</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>54,167</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>104,919</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total
    segment assets</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>196,926</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>84,140</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>27,512</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>25,395</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>333,973</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>918,682</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,252,655</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Borrowings</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">68,460</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">13,215</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,647</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,805</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>87,127</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>611,379</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">698,506</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4px; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total&nbsp;segment&nbsp;liabilities</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>68.460</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>13.215</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>3.647</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,805</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>87,127</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>611,379</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>698,506</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)<BR>
</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Segment information (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Segment analysis for
the year ended December 31, 2013&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; width: 19%; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Farming</I></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Sugar,</I></B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Ethanol
        and</I></B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>&nbsp;Energy</I></B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Land</I></B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>&nbsp;Transformation</I></B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Corporate</I></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Total</I></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>All
                                         other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Farming</I></B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>subtotal</I></B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Sales of manufactured
    products and services rendered</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">510</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">104,576</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,237</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>108,323</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>316,984</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>425,307</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Cost
    of manufactured products sold and services rendered</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(84,654</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(89</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(84,743</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(187,518</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(272,261</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Gross
    Profit from Manufacturing Activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>510</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>19,922</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>3,148</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>23,580</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>129,466</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>153,046</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Sales of agricultural
    produce and biological assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">184,607</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2,517</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">30,661</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,055</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>218,840</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>477</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>219,317</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Cost of agricultural
    produce sold and direct agricultural selling expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(184,607</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2,517</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(30,661</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,055</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(218,840</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(477</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(219,317</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Initial recognition and
    changes in fair value of biological assets and agricultural produce</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">24,356</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">8,339</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">7,761</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(8,599</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>31,857</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(70,980</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(39,123</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Changes
    in net realizable value of agricultural produce after harvest</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">12,607</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">121</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>12,728</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>147</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>12,875</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Gross
    Profit / (loss) from Agricultural Activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>36,963</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>8,339</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>7,761</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(8,478</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>44,585</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(70,833</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(26,248</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Margin
    on Manufacturing and Agricultural Activities Before Operating Expenses</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>37,473</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>28,261</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>7,761</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(5,330</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>68,165</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>58,633</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>126,798</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">General and administrative
    expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4,101</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4,424</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,087</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,119</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(10,731</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(19,434</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(23,187</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(53,352</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Selling expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(6,236</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(16,104</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(454</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(497</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(23,291</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(44,571</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(207</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(68,069</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Other operating income,
    net</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">7,632</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">438</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">494</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(292</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>8,272</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>13,290</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>28,172</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(84</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>49,650</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Share
    of loss of joint ventures</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(219</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(219</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(219</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Profit
    / (loss) from Operations Before Financing and Taxation</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>34,549</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>8,171</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>6,714</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(7,238</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>42,196</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>7,918</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>28,172</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(23,478</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>54,808</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Profit from discontinued
    operations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,767</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,767</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,767</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2,171</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4,731</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,086</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(464</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(8,452</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(59,980</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(68,432</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Initial recognition and
    changes in fair value of biological assets (unrealized)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">894</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2,211</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(234</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(8,121</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(5,250</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(47,341</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(52,591</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Initial recognition and
    changes in fair value of agricultural produce (unrealized)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,956</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">669</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(211</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>4,414</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(5,279</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(865</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Initial recognition and
    changes in fair value of biological assets and agricultural produce (realized)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">19,506</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5,459</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">7,995</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(267</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>32,693</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(18,360</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>14,333</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Changes in net realizable
    value of agricultural produce after harvest (unrealized)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(292</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(292</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(292</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Changes in net realizable
    value of agricultural produce after harvest (realized)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">12,899</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">121</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>13,020</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>147</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>13,167</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Property, plant and equipment,
    net</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">157,664</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">55,411</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">20,097</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">10,333</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>243,505</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>547,015</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>790,520</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Investment property</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">10,147</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>10,147</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>10,147</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Goodwill</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">9,956</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">4,233</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,367</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>15,556</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>9,313</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>24,869</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Biological assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">35,982</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">30,596</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">9,450</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2,340</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>78,368</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>213,776</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>292,144</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Investment in joint ventures</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,179</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>3,179</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>3,179</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Inventories</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">27,240</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">10,128</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,563</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">213</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>39,144</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>69,245</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>108,389</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4px; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total
    segment assets</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>234,021</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>100,368</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>31,110</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>24,400</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>389,899</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>839,349</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,229,248</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Borrowings</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">68,886</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">41,906</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">10,477</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">121,269</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>538,862</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">660,131</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4px; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total
    segment liabilities</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>68,886</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>41,906</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>10,477</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>121,269</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>538,862</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>660,131</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-weight: normal">The
accompanying notes are an integral part of these consolidated financial statements.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)<BR>
</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Segment information (continued)</B></FONT></TD></TR>
</TABLE>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Segment analysis for
the year ended December 31, 2012&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; width: 19%; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Farming</I></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Sugar,</I></B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Ethanol
        and</I></B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Energy</I></B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Land</I></B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Transformation</I></B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Corporate</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>All
                                         other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>segments</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>Farming</I></B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><I>subtotal</I></B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Sales of manufactured
    products and services rendered</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">589</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">92,438</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">4,390</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>97,417</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>282,109</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>379,526</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Cost
    of manufactured products sold and services rendered</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(78,617</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(230</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(78,847</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(185,131</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(263,978</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Gross
    Profit&nbsp;&nbsp;from Manufacturing Activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>589</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>13,821</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>4,160</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>18,570</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>96,978</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>115,548</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Sales of agricultural
    produce and biological assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">195,617</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,466</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">18,868</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">9,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>224,951</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>223</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>225,174</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Cost of agricultural
    produce sold and direct agricultural selling expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(195,617</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,466</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(18,868</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(9,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(224,951</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(223</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(225,174</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Initial recognition and
    changes in fair value of biological assets and agricultural produce</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">35,471</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">6,463</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2,060</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4,327</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>39,667</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(23,024</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>16,643</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Changes
    in net realizable value of agricultural produce after harvest</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">15,850</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">154</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>16,004</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>16,004</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Gross
    Profit&nbsp;&nbsp;/ (loss) from Agricultural Activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>51,321</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>6,463</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2,060</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(4,173</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>55,671</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(23,024</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>32,647</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Margin
    on Manufacturing and Agricultural Activities Before Operating Expenses</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>51,910</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>20,284</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2,060</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(13</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>74,241</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>73,954</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>148,195</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">General and administrative
    expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4,436</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4,072</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(906</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,105</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(10,519</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(22,239</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(24,933</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(57,691</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Selling expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(5,904</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(16,157</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(319</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(364</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(22,744</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(35,690</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(168</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(58,602</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Other operating income,
    net</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(9,330</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,065</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">22</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2,371</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(5,872</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>9,797</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>27,513</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(341</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>31,097</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Profit
    / (loss)&nbsp;&nbsp;from Operations Before Financing and Taxation</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>32,240</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,120</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>857</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>889</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>35,106</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>25,822</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>27,513</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(25,442</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>62,999</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Loss from discontinued
    operations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4,040</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(4,040</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(4,040</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2,073</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(3,823</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(896</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(776</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(7,568</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(46,900</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(54,468</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Initial recognition and
    changes in fair value of biological assets (unrealized)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">6,169</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">4,352</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">115</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2,615</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>8,021</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(24,783</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(16,762</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Initial recognition and
    changes in fair value of agricultural produce (unrealized)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">4,803</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,581</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>3,222</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>205</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>3,427</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Initial recognition and
    changes in fair value of biological assets and agricultural produce (realized)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">24,499</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2,111</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,945</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(131</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>28,424</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,554</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>29,978</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Changes in net realizable
    value of agricultural produce after harvest (unrealized)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">877</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,147</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2,024</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2,024</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Changes in net realizable
    value of agricultural produce after harvest (realized)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">14,973</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(993</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>13,980</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>13,980</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-weight: normal">The
accompanying notes are an integral part of these consolidated financial statements.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)<BR>
</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Segment information (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Total segment assets
are measured in a manner consistent with that of the consolidated financial statements. These assets are allocated based
on the operations of the segment and the physical location of the asset. The Group&#146;s investment in CHS S.A. is allocated
to the &lsquo;Crops&#146; segment. Therefore, the Group&#146;s share of profit or loss after income taxes and its carrying amount
are reported in this segment.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Total reportable segments&#146;
assets are reconciled to total assets as per the statement of financial position as follows:&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total reportable assets as per Segment Information</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,252,655</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,229,248</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Intangible assets (excluding goodwill)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,606</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,472</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred income tax assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45,597</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">48,368</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade and other receivables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">215,116</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">194,432</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">587</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">707</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,966</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,102</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">113,795</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">232,147</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total assets as per the Statement of Financial Position</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,639,322</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,711,476</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Total segment liabilities
are measured in a manner consistent with that of the consolidated financial statements. These liabilities are allocated based
on the operations of the segment.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Total reportable segments&#146;
liabilities are reconciled to total liabilities as per the statement of financial position as follows:&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total reportable liabilities as per Segment Information</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>698,506</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>660,131</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade and other payables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">85,491</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">95,916</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred income tax liabilities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39,635</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">57,623</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payroll and social liabilities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28,593</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,597</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Provisions for other liabilities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,737</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,950</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Current income tax liabilities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">76</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">310</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Derivative financial instruments</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,899</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,600</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total liabilities as per the Statement of Financial Position</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>868,937</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>857,127</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Non-current assets
and net revenue and fair value gains and losses are shown by geographic region. These are the regions in which the Group is active:
Argentina, Brazil and Uruguay. Non-current assets are allocated to the regions according to the location of the assets in question.
Non-current assets encompass intangible assets; property, plant and equipment; investments accounted for using the equity method
as well as other non-current assets. Net revenue and fair value gains and losses are allocated according to the location of the
respective operations.&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-weight: normal">The
accompanying notes are an integral part of these consolidated financial statements.</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-weight: normal"></FONT></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;</FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
to the Consolidated Financial Statements (Continued)</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">(All
amounts in US$ thousands, except shares and per share data and as otherwise indicated)</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5.</B></FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Segment information (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of and for the year ended December 31, 2014:</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Argentina</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Brazil</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Uruguay</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="width: 52%; text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Property,
    plant and equipment</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">163,382</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">604,791</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,732</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>776,905</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment property</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,675</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6,675</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Goodwill</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,096</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,076</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>20,172</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment
    in joint ventures</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,752</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,752</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-current
    portion of biological assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,881</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">277,163</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>286,044</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial
    recognition and changes in fair value of biological assets and agricultural produce</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">57,368</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(31,028</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">805</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>27,145</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left "><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Loss)
    Gain from changes in net realizable value of agricultural produce after harvest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,629</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(345</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,117</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,401</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales
    of manufactured products sold and services rendered</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">59,499</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">310,370</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">143,258</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>513,127</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales
    of agricultural produce and biological assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">133,373</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,199</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">58,267</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>209,839</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of and for the year ended December 31, 2013:</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Argentina</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Brazil</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Uruguay</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="width: 52%; text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Property,
    plant and equipment</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">206,852</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">573,675</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,993</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>790,520</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment property</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,147</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>10,147</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Goodwill</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,579</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,290</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>24,869</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment
    in joint ventures</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,179</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,179</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-current
    portion of biological assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,483</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">215,720</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>225,203</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial
    recognition and changes in fair value of biological assets and agricultural produce</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33,640</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(76,511</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,748</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(39,123</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gain
    from changes in net realizable value of agricultural produce after harvest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,850</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(40</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">65</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>12,875</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales
    of manufactured products sold and services rendered</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">108,281</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">312,607</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,419</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>425,307</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales
    of agricultural produce and biological assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">190,391</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,459</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,467</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>219,317</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these consolidated financial statements.</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="text-align: center; margin: 0pt 0"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
to the Consolidated Financial Statements (Continued)</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">(All
amounts in US$ thousands, except shares and per share data and as otherwise indicated)</FONT></P>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5.</B></FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Segment information (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of and for the year ended December 31, 2012:</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Argentina</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Brazil</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Uruguay</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="width: 52%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial
    recognition and changes in fair value of biological assets and agricultural produce</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39,475</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(25,002</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,170</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>16,643</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gain
    from changes in net realizable value of agricultural produce after harvest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,190</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(31</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(155</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>16,004</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales
    of manufactured products sold and services rendered</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">96,945</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">282,536</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>379,526</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales
    of agricultural produce and biological assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">178,990</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,956</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,228</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>225,174</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these consolidated financial statements.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
to the Consolidated Financial Statements (Continued)</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(All
amounts in US$ thousands, except shares and per share data and as otherwise indicated)</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Property, plant and
    equipment</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Changes
in the Group&#146;s property, plant and equipment in 2014 and 2013 were as follows:</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Farmlands</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Farmland</B><BR><B>improvements</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Buildings
    and</B><BR><B>facilities</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Machinery,</B><BR>
                                         <B>equipment,</B><BR>
                                         <B>furniture and</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>fittings</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Computer</B><BR><B>equipment</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Vehicles</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Work
    in</B><BR><B>progress</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>At
    January&nbsp;&nbsp;1, 2013</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="width: 20%; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Cost</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">284,281</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">13,386</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">201,885</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">363,136</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">4,115</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">4,427</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">223,239</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,094,469</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Accumulated
    depreciation</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4,869</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(52,999</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(150,495</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2,522</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2,687</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(213,572</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Net
    book amount</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">284,281</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">8,517</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">148,886</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">212,641</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,593</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,740</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">223,239</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">880,897</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    ended December&nbsp;&nbsp;31, 2013</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Opening
    net book amount</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">284,281</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">8,517</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">148,886</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">212,641</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,593</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,740</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">223,239</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">880,897</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Exchange
    differences</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(59,531</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,826</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(22,513</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(25,973</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(179</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(365</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(30,042</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(140,429</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Additions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">194</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">9,896</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">46,621</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,387</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">326</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">72,055</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">130,479</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Transfers
    from investment property (Note 7)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,664</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,664</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Transfers</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(12</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">4,012</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">87,049</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">116,565</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">67</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(207,673</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Disposals</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(7,638</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(20</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(615</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2,156</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(16</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(35</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(10,480</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Disposals
    of subsidiaries</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,921</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(373</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2,294</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Reclassification
    to non-income&nbsp;&nbsp;tax credits (*)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(837</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">454</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(383</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Depreciation
    (Note 26)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2,025</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(15,031</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(50,242</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,162</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(474</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(68,934</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 4px; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Closing
    net book amount</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>216,843</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>8,852</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>206,462</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>297,910</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,690</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,184</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>57,579</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>790,520</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these consolidated financial statements.</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
to the Consolidated Financial Statements (Continued)</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(All
amounts in US$ thousands, except shares and per share data and as otherwise indicated)</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6.</B></FONT></TD>
    <TD STYLE="text-align: left; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Property, plant and equipment (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Farmlands</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: left; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Farmland</B><BR><B>improvements</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: left; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Buildings
    and</B><BR><B>facilities</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: left; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Machinery,</B><BR><B>equipment,
    </B><BR><B>furniture and</B><BR><B>fittings</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: left; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Computer</B><BR><B>equipment</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Vehicles</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: left; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Work
    in</B><BR><B>progress</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: left; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>At
    December&nbsp;31, 2013</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="width: 20%; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Cost</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">216,843</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">15,746</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">274,492</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">498,647</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5,374</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">4,345</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">57,579</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,073,026</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Accumulated
    depreciation</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(6,894</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(68,030</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(200,737</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(3,684</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(3,161</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(282,506</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Net
    book amount</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">216,843</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">8,852</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">206,462</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">297,910</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,690</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,184</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">57,579</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">790,520</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year
    ended December&nbsp;&nbsp;31, 2014</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Opening
    net book amount</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">216,843</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">8,852</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">206,462</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">297,910</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,690</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,184</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">57,579</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">790,520</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Exchange
    differences</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(43,494</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,981</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(28,610</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(38,016</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(271</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(251</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(18,099</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(130,722</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Additions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">20,296</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">70,632</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,650</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">618</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">116,366</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">209,562</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Transfers
    from&nbsp;&nbsp;investment property (Note 7)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,071</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,071</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Transfers</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">90</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">19,129</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">12,103</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,333</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(32,655</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Disposals</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(11</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(769</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(26</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(29</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(835</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Reclassification
    to non-income&nbsp;&nbsp;tax credits (*)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(302</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,197</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(3,015</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4,514</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Depreciation
    (Note 26)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,560</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(22,193</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(63,077</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,005</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(342</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(88,177</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 4px; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Closing
    net book amount</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>174,420</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>5,401</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>194,771</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>277,586</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>3,371</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,180</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>120,176</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>776,905</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>At
    December&nbsp;31, 2014</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Cost</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">174,420</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">13,855</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">284,994</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">541,400</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">8,060</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">4,683</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">120,176</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,147,588</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Accumulated
    depreciation</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(8,454</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(90,223</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(263,814</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4,689</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(3,503</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(370,683</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: -0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Net
    book amount</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>174,420</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>5,401</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>194,771</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>277,586</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>3,371</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,180</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>120,176</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>776,905</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(*)
Brazilian federal tax law allows entities to take a percentage of the total cost of the assets purchased as a tax credit. As of
December 31, 2014, ICMS tax credits were reclassified to trade and other receivables.</FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these consolidated financial statements.</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
to the Consolidated Financial Statements (Continued)</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(All
amounts in US$ thousands, except shares and per share data and as otherwise indicated)</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Property, plant and
    equipment (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">An
amount of US$ 85,875; US$ 61,109 and US$ 47,935 of depreciation charges are included in &#147;Cost of manufactured products sold
and services rendered&#148; for the years ended December 31, 2014, 2013 and 2012, respectively. An amount of US$ 2,693; US$ 6,352
and; US$ 5,557 of depreciation charges are included in &#147;General and administrative expenses&#148; for the years ended December
31, 2014, 2013 and 2012, respectively.&nbsp;&nbsp;An amount of US$ 1,088; US$ 503 and US$ 625 of depreciation charges are included
in &#147;Selling expenses&#148; for the years ended December 31, 2014, 2013 and 2012, respectively. An amount of US$ nil; US$
970 and US$ nil of depreciation charges were not charged to the statement of income and were capitalized in &#147;Inventories&#148;
for the years ended December 31, 2014, 2013 and 2012, respectively.</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the year ended December 31, 2014, borrowing costs of US$ 6,864 (2013: US$ 10,074) were capitalized as components of the cost of
acquisition or construction for qualifying assets.</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certain
of the Group&#146;s assets have been pledged as collateral to secure the Group&#146;s borrowings and other payables. The net
book value of the pledged assets amounts to US$ 565,500 as of December 31, 2014 (2013: </FONT>US$ 488,674).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Where
assets are financed by leasing agreements and substantially all the risks and rewards of ownership are substantially transferred
to the Group (&#147;finance leases&#148;) the assets are treated as if they had been purchased outright and the corresponding
liability to the leasing company is included as an obligation under finance leases.</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Investment property</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Changes
in the Group&#146;s investment property in 2014 and 2013 were as follows:</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 60%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="width: 64%; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Beginning
    of the year</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,147</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,542</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Transfers
    (i)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,071</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,664</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange
    difference</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,401</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,731</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 4px; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>End
    of the year</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6,675</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>10,147</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,675</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,147</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accumulated
    depreciation</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    book amount</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6,675</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>10,147</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following amounts have been recognized in the statement of income in the line &#147;Sales of manufactured products and services
rendered&#148;:</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="width: 55%; text-align: left; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rental
    income</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,523</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,446</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,735</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferred
to property, plant and equipment in 2014 and 2013. Relates to finalization of contracts with third parties.</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of December 31, 2014, the fair value (level 3) of investment property was US$ 48 million (2013: US$ 58 million).</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these consolidated financial statements.</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
to the Consolidated Financial Statements (Continued)</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(All
amounts in US$ thousands, except shares and per share data and as otherwise indicated)</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Intangible assets</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Changes
in the Group&#146;s intangible assets in 2014 and 2013 were as follows:</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Goodwill</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Trademarks</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Software</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Others</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At January 1,&nbsp;&nbsp;2013</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,100</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,602</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,062</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">83</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34,847</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accumulated
    amortization&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,246</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(721</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,967</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    book amount&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,100</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,356</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">341</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">83</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,880</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Year ended December
    31, 2013</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Opening net book amount&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,100</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,356</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">341</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">83</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,880</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange differences&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6,231</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(76</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(129</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(11</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6,447</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Additions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,319</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">57</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,376</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amortization
    charge (i) (Note 26)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(151</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(188</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(129</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(468</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Closing
    net book amount&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>24,869</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,129</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,343</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>27,341</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At December 31, 2013</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24,869</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,526</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,252</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">129</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29,776</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accumulated
    amortization&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,397</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(909</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(129</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,435</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    book amount&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24,869</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,129</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,343</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,341</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Year ended December
    31, 2014</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Opening net book amount&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24,869</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,129</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,343</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,341</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange differences&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,697</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(28</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(422</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,152</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Additions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,080</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,098</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amortization
    charge (i) (Note 26)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(142</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(367</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(509</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Closing
    net book amount&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>20,172</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>959</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,634</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>23,778</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At December 31, 2014</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20,172</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,498</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,910</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">142</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26,722</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accumulated
    amortization&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,539</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,276</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(129</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,944</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    book amount&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>20,172</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>959</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,634</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>23,778</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
amount of US$ 367 and US$ 188 of amortization charges are included in &#147;General and administrative expenses&#148; for the
years ended December 31, 2014 and 2013, respectively. An amount of US$ 142 and US$ 280 of amortization charges are included in
&#147;Selling expenses&#148; for the years ended December 31, 2014 and 2013, respectively. There were no impairment charges
for any of the years presented (see Note 4 (b)).</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>9.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Biological assets</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Changes
in the Group&#146;s biological assets in 2014 and 2013 were as follows:</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left; padding-right: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Beginning
    of the year</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>292,144</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>298,136</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Increase
    due to purchases</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">526</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">729</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 2.85pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial
    recognition and changes in fair value of biological assets (i)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,145</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(39,123</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Decrease
    due to harvest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(363,225</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(325,032</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Decrease
    due to disposals</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,553</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(11,106</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 2.85pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Decrease
    due to sales of agricultural produce</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(27,467</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(28,384</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Costs
    incurred during the year</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">466,233</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">441,881</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange
    differences</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(51,571</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(44,957</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>End
    of the year </B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>341,232</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>292,144</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these consolidated financial statements.</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
to the Consolidated Financial Statements (Continued)</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(All
amounts in US$ thousands, except shares and per share data and as otherwise indicated)</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>9.</B></FONT></TD>
    <TD STYLE="text-align: left; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Biological assets (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biological
asset with a production cycle of more than one year (that is, sugarcane, coffee, dairy and cattle) generated &#147;Initial recognition
and changes in fair value of biological assets&#148; amounting to US$ (21,681) for the year ended December 31, 2014 (2013: US$
(71,818); 2012: US$ 25,291). In 2014, an amount of US$ 32,394 (2013:</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">US$
(29,781); 2012: US$ (21,984)) was attributable to price changes, and an amount of US$ (54,075) (2013:</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">US$
(42,037); 2012: US$ (3,307)) was attributable to physical changes.</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Biological
assets in 2014 and 2013 were as follows:</FONT></P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 60%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Non-current</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="width: 64%; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cattle
    for dairy production (i)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,856</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,450</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    cattle (ii)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sown
    land &ndash; coffee (iii) (iv)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,193</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,944</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sown
    land &ndash; sugarcane (iii) (iv)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">274,970</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">213,776</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>286,044</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>225,203</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Current</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    cattle (iv)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">301</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">363</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sown
    land &ndash; crops (ii)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,012</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,982</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sown
    land &ndash; rice (ii)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23,875</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,596</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>55,188</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>66,941</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 4px; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total
    biological assets</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>341,232</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>292,144</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Classified as bearer and mature biological
    assets.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Classified as consumable and immature
    biological assets.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Classified as bearer and immature biological
    assets.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(iv)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">As of December 31, 2014, and amount
    of US$ 301 (2013: 363) was classified as consumable and mature biological assets, and an amount of US$ 277,163 (2013: 215,720)
    was classified as consumable and immature biological assets.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
fair value less estimated point of sale costs of agricultural produce at the point of harvest amounted to US$ 197,590 for the
year ended December 31, 2014 (2013: US$ 169,614; 2012: US$ 304,221).</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table presents the Group&acute;s biological assets that are measured at fair value at December 31, 2014:</FONT></P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Level
    2</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Level
    3</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="width: 55%; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cattle
    for dairy production</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,856</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,856</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    cattle</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">326</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">326</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sown
    land &ndash; coffee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,193</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,193</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sown
    land &ndash; sugarcane</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">274,970</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">274,970</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sown
    land &ndash; crops</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,012</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,012</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sown
    land &ndash; rice</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23,875</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23,875</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these consolidated financial statements</FONT>.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<BR></FONT></P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT>&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>9.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Biological assets (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Level
    2</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Level
    3</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cattle for dairy production</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,450</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,450</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other cattle</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">396</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">396 </FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sown land &ndash; coffee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,944</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,944</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sown land &ndash; sugarcane</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">213,776</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">213,776</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sown land &ndash; crops</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,982</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,982</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sown land &ndash; rice</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,596</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,596 </FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">There were no transfers
between any levels during the year. There were no Biological assets valued under Level 1.</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The movement in the fair
value of the assets within level 3 of the hierarchy is as follows for the years ended December 31, 2014 and 2013:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="15" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: normal 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">Sown land &ndash;</FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">coffee</FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: normal 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: normal 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">Sown land &ndash;</FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">sugarcane</FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: normal 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: normal 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">Sown land &ndash;</FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">crops</FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: normal 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: normal 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">Sown land &ndash;</FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">rice</FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Beginning of the year</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,944</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>213,776</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>35,982</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>30,596</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial recognition and changes in fair value of biological assets (i)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">179</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(31,751</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">40,267</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,559</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Decrease due to harvest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(180,697</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(132,216</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(50,313</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Costs incurred during the year</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">363</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">310,484</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">93,802</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">40,301</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange differences</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(293</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(36,842</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6,823</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,268</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>End of the year</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,193</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>274,970</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>31,012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>23,875</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="15" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: normal 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">Sown land &ndash;</FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">coffee</FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: normal 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: normal 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">Sown land &ndash;</FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">sugarcane</FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: normal 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: normal 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">Sown land &ndash;</FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;crops</FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: normal 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: normal 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">Sown land &ndash;</FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">r<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">ice</FONT></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Beginning of the year</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>16,211</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>196,083</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>41,876</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>30,836</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial recognition and changes in fair value of biological assets (i)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8,331</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(70,982</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24,357</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,339</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Decrease due to harvest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(154,187</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(122,313</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(48,532</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Decrease due to disposals</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8,213</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Costs incurred during the year</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,586</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">273,375</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">98,355</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">44,457</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange differences</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(309</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(30,513</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6,293</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,504</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>End of the year</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,944</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>213,776</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>35,982</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>30,596</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Change in unrealized gains
    or losses for the year included in profit or loss for assets held at the end of the reporting period, under &#147;Initial
    recognition and changes in fair value of biological assets&#148; amounted to US$ 16,910 loss and&nbsp;&nbsp;US$ 53,222 loss
    in 2014 and 2013, respectively (see Note 5).</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>9.</B></FONT></TD>
    <TD STYLE="text-align: left; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Biological assets (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following significant
unobservable inputs were used to measure the Group&acute;s biological assets using the discounted cash flow valuation technique:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 31%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; padding-right: 2.55pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Description</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Unobservable</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>inputs</B></FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center; padding-right: 2.55pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Range
    of unobservable inputs</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Relationship
                                         of unobservable inputs</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>to fair value</B></FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Sown land &ndash; coffee</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Coffee yield &ndash; tonnes per hectare; Production Costs &ndash; US$ per hectare.</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Coffee yield: 1.8-3.0 tn/ha</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Production Costs: 6,000-7,000 USS/ha</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Coffee yield: 1.8-3.0 tn/ha</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Production Costs: 6,000-8,000 USS/ha</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">The higher the coffee yield, the higher the fair value. The higher the costs per
        hectare, the lower the fair value.</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Sown land &ndash; sugarcane</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Sugarcane yield &ndash; tonnes per hectare; Sugarcane TRS (kg of sugar per ton of
        cane) Production Costs &ndash; US$ per hectare. (Include maintenance, harvest and leasing costs)</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Sugarcane yield: 60-90 tn/ha</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Sugarcane TRS: 120-147 kg of sugar/ton of cane</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Maintenance costs: 402-603 US$/ha</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Harvest costs: 10.2-15.4 US$/ton of cane</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Leasing costs: 11.5-17.3 tn/ha</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Sugarcane yield: 60-90 tn/ha</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Sugarcane TRS: 120-147 kg of sugar/ton of cane</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Maintenance costs: 402-603 US$/ha</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Harvest costs: 10.2-15.4 US$/ton of cane</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Leasing costs: 11.5-17.3 tn/ha</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">The higher the sugarcane yield, the higher the fair value. The higher the maintenance,
        harvest and leasing costs per hectare, the lower the fair value. The higher the TRS of sugarcane, the higher the fair value.</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Sown land &ndash; crops</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Crops yield &ndash; tonnes per hectare; Commercial Costs &ndash; usd per hectare;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Production Costs &ndash; US$ per hectare.</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">- Crops yield: 1.8 - 3.0 tn/ha for Wheat, 4.50-7.50 tn/ha for Corn, 1.8 - 3.0 tn/ha
        for Soybean and 1.7-2.5 for Sunflower</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">- Commercial Costs: 75-110 US$/ha for Wheat, 175-265 US$/ha for Corn, 65-100 US$/ha
        for Soybean and 45-70 US$/ha for Sunflower</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">- Production Costs: 220-325 US$/ha for Wheat, 380-560 US$/ha for Corn, 285-440 US$/ha
        for Soybean and 330-500 US$/ha for Sunflower</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Crops yield: 2.12-2.83 tn/ha for Wheat, 4.81-6.46 tn/ha for Corn, 1.91-2.49 tn/ha
        for Soybean and 1.74-2.37 for Sunflower</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Commercial Costs: 66-111 US$/ha for Wheat, 179-297 US$/ha for Corn, 77-124 US$/ha
        for Soybean and 65-108 US$/ha for Sunflower</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Production Costs: 281-357 US$/ha for Wheat, 410-478 US$/ha for Corn, 285-331 US$/ha
        for Soybean and 279-341 US$/ha for Sunflower</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">The higher the crops yield, the higher the fair value. The higher the commercial
        and direct costs per hectare, the lower the fair value.</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Sown land &ndash; rice</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Rice yield &ndash; tonnes per hectare;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Commercial Costs &ndash; usd per hectare;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Production Costs &ndash; US$ per hectare.</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Rice yield: 4.4 -6.8 tn/ha</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Commercial Costs: 8-16 US$/ha</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Production Costs: 705-1,150 US$/ha</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Rice yield: 5.07-6.82 tn/ha</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Commercial Costs: 6-10 US$/ha</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">-Production Costs: 705-1,158 US$/ha</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">The higher the rice yield, the higher the fair value. The higher the commercial
        and direct costs per hectare, the lower the fair value.</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31, 2014,
the impact of a reasonable 10% increase (decrease) in estimated costs, with all other variables held constant, would result in
a decrease (increase) in the fair value of the Group&#146;s plantations less cost to sell of US$ 73.2 million for sugarcane, US$
3.1 million for coffee, US$ 1.5 million for crops and US$ 2.9 million for rice.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31,
2014, the impact of a reasonable 5% increase (decrease) in estimated yields, with all other variables held constant, would result
in an increase (decrease) in the fair value of the Group&#146;s plantations less cost to sell of US$ 29.9 million for sugarcane
and US$ 1.4 million for coffee. As of December 31, 2014, the impact of a reasonable 20% increase (decrease) in estimated yields,
with all other variables held constant, would result in an increase (decrease) in the fair value of the Group&#146;s plantations
less cost to sell of US$ 3.1 million for crops and US$ 6.3 million for rice.&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>10.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Investments in joint ventures</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The table below lists
the Group&#146;s investment in joint ventures for the years ended December 31, 2014, 2013 and 2012:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 90%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom-width: 4px; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom-width: 4px; width: 31%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom-width: 4px; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom-width: 4px; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom-width: 4px; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>%
    of ownership interest held</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -0.25pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Name
    of the entity</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Country
                                         of</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>incorporation <FONT STYLE="font-family: Times New Roman, Times, Serif">and
        </FONT></B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>operation</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>December
                                         31,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2014</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>December
                                         31,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2013</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>December
                                         31,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2012</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CHS AGRO S.A.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argentina</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">La Lacteo S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: -11.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argentina</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50%</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On February 26, 2013,
the Group formed CHS AGRO, a joint venture with CHS Inc. CHS Inc. is a leading farmer-owned energy, grains and foods company based
in the United States. The Group holds a 50% interest in CHS AGRO. On October 2014, CHS AGRO finished its sunflower processing plant
in the city of Pehuajo, Province of Buenos Aires, Argentina. The facility processes black oil and confectionary sunflower into
specialty products such as kernel in-shell seeds and oil seeds, which will be entirely exported to markets in Europe and the Middle
East. The joint venture grows confectionary sunflower on leased farms, while black oil sunflower is originated from third parties.
The Group and CHS Inc made capital contribution of approximately US$ 1.4 million and US$ 4 million during 2014 and 2013, respectively,
for the construction of the facility.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During 2013, the Group
acquired the remaining 50% interest in its joint venture La Lacteo and subsequently sold its 100% interest (see Note 11).&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">At the beginning of the year&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,179</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,613</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share of loss&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(924</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,349</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange differences&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(869</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(887</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Capital contribution&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,366</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,172</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Disposal of investment (Note 11)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,370</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At the end of the year</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,752</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,179</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following amounts
represent the Group&#146;s share of the assets (including goodwill) and liabilities, and income and expenses of the joint ventures:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Assets:</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-current assets&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,137</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,608</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 6.2pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Current assets</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,286</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,079</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,423</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,687</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Liabilities:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-current liabilities&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,861</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,863</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Current liabilities&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,810</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,645</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,671</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,508</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net assets of joint venture</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,752</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,179</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>10.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Investments in joint ventures (continued)</B></FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">482</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,236</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,616</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Expenses&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,406</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(10,556</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,377</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Loss after income tax (i)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(924</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(1,320</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(2,761</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="text-align: left; width: 94%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">For the year ended December
    31, 2013 an amount of US$ (1,101) was presented within &#147;Profit/(loss) for the year from discontinued operations&#148;
    (2012: US$ (4,040)). See Note 11.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The shares in the joint
ventures were not publicly traded for any of the years presented, so they were not listed market prices available.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">There are no contingent
liabilities relating to the Group&#146;s interest in the joint ventures, and no contingent liabilities of the ventures themselves.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">According to the laws
of certain of the countries in which the Group operates, 5% of the profit of the year is separated to constitute legal reserves
until they reach legal capped amounts (20% of total capital). These legal reserves are not available for dividend distribution
and can only be released to absorb losses. The Group&#146;s joint ventures have not reached the legal capped amounts.&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>11.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net assets held for sale and discontinued operations</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On June 6, 2013, the
Group acquired the remaining 50% interest in its joint venture La Lacteo S.A. (&#147;La Lacteo&#148;) for US$ 1, and collected
US$ 5.1 million associated with the acquisition.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The acquisition of the
remaining 50% in La Lacteo was done exclusively with the view to resale and met the definition of discontinued operation. The Group
elected to account for the acquisition applying the short-cut method under IFRS 5. As of the transaction date, it was determined
that the fair value less costs to sell of La Lacteo was not significant. The Group&#146;s previously held interest in La Lacteo
was remeasured to fair value and the cumulative exchange differences recognized in equity were reclassified to the income statement.
At the acquisition date La Lacteo was valued at fair value less costs to sell.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On July 31, 2013, the
Group sold its 100% interest in La Lacteo for Argentine Pesos 1. In addition, the Milk Supply Offer Agreement between La Lacteo
and Adeco Agropecuaria S.A. (a Group subsidiary) was terminated without penalties.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The net effects of
the described transactions resulted in a gain of US$ 2.9 million, recorded in the statement of income within &#147;Profit / (Loss)
of the year from discontinued operations&#148;.&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>12.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial instruments by category</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group classified
its financial assets in the following categories:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>(a) Financial
assets at fair value through profit or loss</I></B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Financial assets at
fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired
principally for the purpose of selling in the short-term. Derivatives are also categorized as held for trading unless they are
designated as hedges. Financial assets are classified as current if realization within 12 months is expected. Otherwise, they are
classified as non-current. For all years presented, the Group&#146;s financial assets at fair value through profit or loss comprise
mainly derivative financial instruments.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>(b) Loans and
receivables</I></B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Loans and receivables
are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included
in current assets, except for maturities greater than 12 months after the date of the statement of financial position. Loans and
receivables comprise &#147;trade and other receivables&#148; and &#147;cash and cash equivalents&#148; in the statement of
financial position.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following tables
show the carrying amounts of financial assets and financial liabilities by category of financial instrument and reconciliation
to the corresponding line item in the statements of financial position, as appropriate. Since the line items &#147;Trade and
other receivables, net&#148; and &#147;Trade and other payables&#148; contain both financial instruments and non-financial
assets or liabilities (such as other tax receivables or advance payments for services to be received in the future), the reconciliation
is shown in the columns headed &#147;Non-financial assets&#148; and &#147;Non-financial liabilities.&#148;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: top"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Loans
                                         and</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>receivables</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Assets
    at fair </B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>value through </B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>profit or loss</B></FONT></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Subtotal</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>financial</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>assets</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;
                                         <FONT STYLE="font-family: Times New Roman, Times, Serif">Non- </FONT></B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>financial</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>assets</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>
    Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>December 31,&nbsp;&nbsp;2014</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Assets as per statement of financial position</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade and other receivables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">109,821</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">109,821</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">105,295</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">215,116</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,966</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,966</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,966</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">113,795</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">113,795</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">113,795</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4px; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>223,616</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7,966</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>231,582</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>105,295</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>336,877</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>12.</B></FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial instruments by category (continued)</B></FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; width: 40%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Liabilities
                                         at fair</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>value
        through&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>profit
        or loss</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Other
                                         financial</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>liabilities
        at</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>amortized
        cost</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Subtotal</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>financial</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>liabilities</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Non-financial</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>liabilities</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Liabilities as per statement of financial position</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade and other payables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,392</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">74,246</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">75,638</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,853</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">85,491</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Borrowings (excluding finance lease liabilities)(i)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">697,926</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">697,926</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">697,926</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance leases</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">580</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">580</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">580</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Derivative financial instruments (i)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,899</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,899</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,899</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>15,291</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>772,752</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>788,043</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>9,853</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>797,896</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 95%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Loans
                                         and</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>receivables</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Assets
                                         at fair</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>value
        through</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>profit
        or loss</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Subtotal</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>financial
        assets</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Non-</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>financial</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>assets</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>December 31,&nbsp;&nbsp;2013</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Assets as per statement of financial position</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade and other receivables</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">89,682</FONT></TD>
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">89,682</FONT></TD>
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">104,750</FONT></TD>
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">194,432</FONT></TD>
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,102</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,102</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,102</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">232,147</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">232,147</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">232,147</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>321,829</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4,102</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>325,931</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>104,750</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>430,681</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated
financial statements.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>12.</B></FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial instruments by category (continued)</B></FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Liabilities
                                         at</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>fair value</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>through</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>profit or loss</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>financial</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>liabilities at</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>amortized cost</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Subtotal</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>financial</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>liabilities</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Non-</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>financial</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>liabilities</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Liabilities as per statement of financial position</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade and other payables</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,819</FONT></TD>
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">85,089</FONT></TD>
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">89,908</FONT></TD>
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,008</FONT></TD>
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">95,916</FONT></TD>
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Borrowings (excluding finance lease liabilities) (i)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">659,377</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">659,392</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">659,392</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance leases</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">739</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">739</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">739</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Derivative financial instruments (i)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,600</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,600</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,600</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>17,434</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>745,205</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>762,639</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6,008</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>768,647</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 27pt; width: 99%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Effective
    July 1, 2013, &nbsp;the Group formally documented and designated cash flow hedging relationships to hedge the foreign exchange
    rate risk of a portion of its highly probable future sales in US dollars using a portion of its borrowings denominated in
    US dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 3).</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Liabilities carried
at amortized cost also included liabilities under finance leases where the Group is the lessee and which therefore have to be measured
in accordance with IAS 17. The categories disclosed are determined by reference to IAS 39. Finance leases are excluded from the
scope of IFRS 7. Therefore, finance leases have been shown separately.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Because of the short
maturities of most trade accounts receivable and payable, other receivables and liabilities, and cash and cash equivalents, their
carrying amounts at the closing date do not differ significantly from their respective fair values. The fair value of long-term
borrowings is disclosed in Note 21.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Income, expense, gains
and losses on financial instruments can be assigned to the following categories:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Loans
                                         and</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>receivables</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Assets/
                                         liabilities</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>at
        fair value</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>through&nbsp;profit
        or</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>loss</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Other
                                         financial</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>liabilities
        at</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>amortized
        cost</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>December 31, 2014</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest income (i)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,068</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,068</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest expense (i)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(44,425</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(10,490</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(54,915</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Foreign exchange gains/ (losses) (ii)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(15,733</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9,300</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,787</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9,246</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gain from derivative financial instruments(iii)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,705</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,705</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net result</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(53,090</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(2,595</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,297</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(50,388</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">The accompanying notes are an integral part of these consolidated
financial statements.&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>12.</B></FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial instruments by category (continued)</B></FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Loans
                                         and</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>receivables</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Assets/
                                         liabilities</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>at
        fair value</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>through&nbsp;profit
        or</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>loss</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Other
                                         financial</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>liabilities
        at</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>amortized
        cost</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>December 31, 2013</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest income (i)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,882</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,882</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest expense (i)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(32,162</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(17,087</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(49,249</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Foreign exchange gains/ (losses) (ii)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,550</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(33,637</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(21,087</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gain from derivative financial instruments(iii)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">558</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">558</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net result</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(12,730</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>558</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(50,724</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(62,896</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    </TR>
</TABLE>


<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Loans and </B><BR> <B>receivables</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Assets/ liabilities</B><BR> <B>at fair value</B><BR> <B>through profit or</B><BR> <B>loss</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Other financial</B><BR> <B>liabilities at </B><BR> <B>amortized cost</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>December 31, 2012</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 55%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest income (i)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,249</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,249</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest expense (i)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(27,672</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(27,672</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Foreign exchange gains/ (losses) (ii)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(15,915</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(10,165</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(26,080</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss from derivative financial instruments(iii)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,002</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,002</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net result</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(4,666</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(4,002</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(37,837</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(46,505</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 2%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 98%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Included
    in &#147;Financial results, net&#148; in the statement of income.</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Included in &#147;Financial
    results, net&#148; in the statement of income.</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(iii) </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Included in &#147;Other
    operating income, net&#148; and &#147;Financial results, net&#148; in the statement of income.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Determining fair
values</I></B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">IFRS 13 defines fair
value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. All financial instruments recognized at fair value are allocated to one of the valuation
hierarchy levels of IFRS 13. This valuation hierarchy provides for three levels. The allocation reflects which of the fair values
derive from transactions in the market and where valuation is based on models because market transactions are lacking. The level
in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of
the lowest level input that is significant to the fair value measurement in its entirety.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31, 2014
and 2013, the financial instruments recognized at fair value on the statement of financial position comprise derivative financial
instruments.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)<BR>
</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>12.</B></FONT></TD>
    <TD STYLE="text-align: left; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial instruments by category&nbsp;&nbsp;(continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In the case of Level 1,
valuation is based on unadjusted quoted prices in active markets for identical financial assets that the Group can refer to at
the date of the statement of financial position. The financial instruments the Group has allocated to this level mainly comprise
crop futures and options traded on the stock market.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Derivatives not traded
on the stock market allocated to Level 2 are valued using models based on observable market data. The financial instruments the
Group has allocated to this level mainly comprise interest-rate swaps and foreign-currency interest-rate swaps.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In the case of Level
3, the Group uses valuation techniques not based on inputs observable in the market. This is only permissible insofar as no observable
market data are available. The Group does not have financial instruments allocated to this level for any of the years presented.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following tables
present the Group&#146;s financial assets and financial liabilities that are measured at fair value as of December 31, 2014 and
2013 and their allocation to the fair value hierarchy:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; border-top: black 0.5pt solid; text-align: center; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Level
    1</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; border-top: black 0.5pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; border-top: black 0.5pt solid; text-align: center; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Level
    2</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; border-top: black 0.5pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; border-top: black 0.5pt solid; text-align: center; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Level
    3</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; border-top: black 0.5pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-top: black 0.5pt solid; text-align: center; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; border-top: black 0.5pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Assets</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 49%; text-align: left; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Derivative financial instruments&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: center; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,026</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">940</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,966</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,912</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">190</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,102</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Liabilities</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,224</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9,675</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(13,899</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 2.55pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(425</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(12,175</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(12,600</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    </TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">There were no transfers
within level 1 and 2 during the years ended December 31, 2014 and 2013.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">When no quoted prices
in an active market are available, fair values (particularly with derivatives) are based on recognized valuation methods. The
Group uses a range of valuation models for this purpose, details of which may be obtained from the following table:&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 15%; text-align: center; padding-right: -11.65pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Class</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Pricing</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Method</B></FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 21%; text-align: center; padding-right: -11.65pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Parameters</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; text-align: center; padding-right: -11.65pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Pricing
    Model</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; text-align: center; padding-right: -11.65pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Level</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; text-align: center; padding-right: -11.65pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: left; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Futures</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: left; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Quoted price</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 1.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,653</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: left; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Options</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: left; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Quoted price</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 1.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">149</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: left; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Options/ OTC</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: left; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Quoted price</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: left; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Black &amp; Scholes</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 1.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">683</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: left; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Foreign-currency interest-rate swaps</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: left; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Theoretical price</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: left; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Swap curve; Money market interest-rate curve; Foreign-exchange curve.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: left; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Present value method</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: center; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">257</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: left; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest-rate swaps</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: left; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Theoretical price</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: left; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Swap curve; Money market interest-rate curve</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: left; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Present value method</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: center; padding-right: -11.6pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1.65pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9,675)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; border-top: black 1pt solid; vertical-align: bottom; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(5,933)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; border-top: black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated
financial statements.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13.</B></FONT></TD>
    <TD STYLE="width: 94%"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Trade and other receivables, net</B></P></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Non current</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 0pt; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade receivables</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,528</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,676</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Advances to suppliers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,149</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,658</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income tax credits&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,759</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,058</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-income tax credits (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,609</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,941</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Judicial deposits&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,545</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,706</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Receivable from disposal of subsidiary (Note 16)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,997</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,202</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash collateral&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">451</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 0pt; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other receivables&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,003</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,560</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Non current portion&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>50,590</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>53,252</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Current</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade receivables&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">65,059</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">46,326</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Receivables from related parties (Note 33)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">258</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 0pt; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less: Allowance for trade receivables</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(527</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(545</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 0pt; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Trade receivables &ndash; net&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>64,790</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>45,781</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prepaid expenses&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,884</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,786</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Advances to suppliers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,717</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,088</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income tax credits&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,492</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,519</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-income tax credits (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">42,685</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">43,700</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash collateral&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,329</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,554</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Receivable from disposal of subsidiaries (Note 16)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,451</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,174</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 0pt; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other receivables&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21,178</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,578</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Subtotal&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>99,736</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>95,399</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Current portion&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>164,526</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>141,180</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total trade and other receivables, net</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>215,116</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>194,432</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">(i)&nbsp;&nbsp;Includes
US$ 4,514 reclassified from property, plant and equipment.</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The fair values of current
trade and other receivables approximate their respective carrying amounts due to their short-term nature. The fair values of non-current
trade and other receivables approximate their carrying amount, as the impact of discounting is not significant.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The carrying amounts
of the Group&#146;s trade and other receivables are denominated in the following currencies (expressed in US dollars):</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">The accompanying notes are an integral part of these consolidated
financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.&nbsp;</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Trade and other receivables, net (continued)</B></FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 60%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 12pt; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; font-size: 12pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; font-size: 12pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 12pt; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Currency</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">US Dollar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45,341</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,054</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argentine Peso&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">49,876</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50,512</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Uruguayan Peso&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,385</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">520</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Brazilian Reais&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">111,514</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">113,346</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>215,116</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>194,432</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31, 2014
trade receivables of US$ 4,224 (2013: US$ 14,319) were past due but not impaired. The ageing analysis of these receivables indicates
that 1,269 and 60 are over 6 months in 2014 and 2013, respectively.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group recognizes
an allowance for trade receivables when there is objective evidence that the Group will not be able to collect all amounts due
according to the original terms of the receivables.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Delinquency in payments
is an indicator that a receivable may be impaired. However, management considers all available evidence in determining when a receivable
is impaired. Generally, trade receivables, which are more than 180 days past due are fully provided for. However, certain receivables
180+ days overdue are not provided for based on a case-by-case analysis of credit quality analysis. Furthermore, receivables, which
are not 180+ days overdue, may be provided for if specific analysis indicates a potential impairment.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Movements on the Group&#146;s
allowance for trade receivables are as follows:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 60%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At January 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>545</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>588</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Charge of the year&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">192</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">591</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unused amounts reversed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(83</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(255</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Used during the year&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(220</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange differences&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(127</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(159</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At December 31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>527</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>545</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The creation and release
of allowance for trade receivables have been included in &#147;Selling expenses&#148; in the statement of income. Amounts charged
to the allowance account are generally written off, when there is no expectation of recovering additional cash.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The other classes within
other receivables do not contain impaired assets.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The maximum exposure
to credit risk at the reporting date is the carrying value of each class of receivable mentioned above.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31,
2014, approximately 65% (2013: 51%) of the outstanding unimpaired trade receivables (neither past due nor impaired) relate to
sales to 9 well-known multinational companies with good credit quality standing, including but not limited to Bunge Agritrade
S.A., Camara de Comercializacao de Energia Electrica CCEE, Ipiranga Produtos de Petroleo S.A., Mastellone Hnos. S.A. and Nestl&eacute;
Argentina S.A., among others. Most of these entities or their parent companies are externally credit-rated. The Group reviews
these external ratings from credit agencies.&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Trade and other receivables, net (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The remaining percentage
as of December 31, 2014 and 2013 of the outstanding unimpaired trade receivables (neither past due nor impaired) relate to sales
to a dispersed large quantity of customers for which external credit ratings may not be available. However, the total base of customers
without an external credit rating is relatively stable.</P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">New
customers with less than six months of history with the Group are closely monitored. The Group has not experienced credit problems
with these new customers to date. The majority of the customers for which an external credit rating is not available are existing
customers with more than six months of history with the Group and with no defaults in the past. A minor percentage of customers
may have experienced some non-significant defaults in the past but fully recovered.&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>14.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Inventories</B></FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 60%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Raw materials</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,662</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37,859</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finished goods.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">65,562</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">67,689</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stocks held by third parties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,395</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,824</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Others</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">300</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>104,919</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>108,389</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The cost of inventories
recognized as expense and included in &#147;Cost of manufactured products sold and services rendered&#148; amounted to US$ 335,442
for the year ended December 31, 2014 (2013: US$ 272,261 and 2012: US$ 263,978). The cost of inventories recognized as expense
and included in &#147;Cost of agricultural produce sold and direct agricultural selling expenses&#148; amounted to US$ 155,358
for the year ended December 31, 2014 (2013: US$159,936&nbsp;&nbsp;and 2012: US$ 174,602).&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>15.</B></FONT></TD>
    <TD STYLE="text-align: left; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash and cash equivalents</B></FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 60%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash at bank and on hand</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">104,132</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">165,362</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Short-term bank deposits</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,663</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">66,785</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>113,795</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>232,147</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>16.</B></FONT></TD>
    <TD STYLE="text-align: left; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Disposals</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Year ended December
31, 2012</I></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On June 29, 2012, the
Group sold its 100% interest in Agricola Ganadera San Jose S.A., a subsidiary whose main assets comprised of farmland, at a consideration
of US$ 9.3 million. This transaction resulted in a gain of US$ 8 million recorded in other operating income in the statement of
income. As of December 31, 2014, this transaction was fully collected.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On December 27, 2012,
the Group disposed of a 51% interest out of the 100% interest held in Santa Regina Agropecuaria S.A. at a consideration of US$
12.4 million. The main asset of the subsidiary is the Santa Regina farm located in General Villegas, Province of Buenos Aires,
Argentina. The Group granted an option to the buyer to acquire the remaining 49% interest on or before June 2014 at US$ 13.1 million.
This option was exercised, and the disposal of the 49% generated a gain of US$ 1.2 million. The Group entered into a lease contract
with the buyer to use the land for the next two crop years as from May 2013. The sale price was collected US$ 5.2 million in cash
and the remaining amount was collected during 2013. The Group evaluated the effect of potential voting rights arising from the
option and concluded that the interest retained in Santa Regina represents an available for sale financial asset under IAS 39.<FONT STYLE="color: #444444">&nbsp;</FONT>&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>16.</B></FONT></TD>
    <TD STYLE="text-align: left; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Disposals (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The transaction generated
a gain for the sale of US$ 9 million. In addition, since the Group ceased to have control over the subsidiary, the retained 49%
interest was remeasured to its fair value and a gain of US$ 10.4 million was recognized in the statement of income under &#147;Other
operating income, net&#148;.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Year ended December
31, 2013</I></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In December 2013, the
Group completed the sale of &#147;San Agust&iacute;n&#148;, a 5,066 hectare farm located in the province of Corrientes, Argentina,
for a total consideration of US$17.5 million collected in full as of year-end. This transaction resulted in a gain of US$ 15 million
included within &#147;Other operating income, net&#148;.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In October 2013, the
Group completed the sale of the San Martin farm for a total price of US$ 8.0 million, equivalent to US$ 2,294 per hectare which
was collected in full as of year-end. San Martin is a 3,502 hectare farm located in the province of Corrientes, Argentina. The
farm was used for cattle grazing activities and is a subdivision of the Ita Caabo farm acquired by the Group in 2007. This transaction
resulted in a gain of US$ 6.5 million included within &#147;Other operating income, net&#148;.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In May 2013, the Group
completed the sale of the Mimoso farm (through the sale of the Brazilian subsidiary Fazenda Mimoso Ltda.) and Lagoa do Oeste farm
located in Luis Eduardo Magalhaes, Bahia, Brazil. The farms have a total area of 3,834 hectares of which 904 hectares are planted
with coffee trees. In addition, the Group entered into an agreement whereby the buyer will operate and make use of 728 hectares
of existing coffee trees in Adecoagro&#146;s Rio de Janeiro farm during an 8-year period. Pursuant to the terms of the agreement,
we will retain property to these coffee trees, which will still have an estimate useful life of 10 years upon the expiration of
the agreement. The total consideration of this operation was a nominal amount of Brazilian Reais 49 million (US$ 24 million), from
which Brazilian Reais 12,371 (US$ 6 million) were collected as of December 31, 2014. The remaining amount will be collected in
two equal installments in 2015 and 2016. This transaction resulted in a gain of US$ 5.7 million recorded in other operating income
in the statement of income.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In June 2013, the Group
completed the sale of the remaining 49% interest in Santa Regina S.A., a company whose main underlying asset is the Santa Regina
farm. This transaction resulted in a gain of US$ 1.2 million recorded in other operating income in the statement of income.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Year ended December
31, 2014</I></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Sale of 49% of interest
in Global Anceo S.L.U. and Global Hisingen S.L.U.</I></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In June, 2014, the Group
completed the sale of a 49% interest in Global Anceo S.L.U. and same interest in Global Hisingen S.L.U., companies which main underlying
assets were the Guayacanes and La Guarida farms, for an aggregate sale price of US$ 50.5 million. The net proceeds received as
of the transaction&acute;s day amounted to US$ 49.4 million.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The sale of the respective
equity interests did not result in the loss of control of these companies and therefore the transactions were treated as equity
transactions for accounting purposes.&nbsp;&nbsp;The difference between the net proceeds received and the recognition of the non-controlling
interest was registered in Statement of Changes in Shareholders&#146; Equity under the line item &#147;Reserve from the sale
of non-controlling interests in subsidiaries&#148;. The transaction resulted in an increase of equity attributable to owners
of the Company of US$ 25.5 million and also an increase in non-controlling interest of US$ 8.0 million.&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>17.</B></FONT></TD>
    <TD STYLE="text-align: left; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Shareholders&#146; contributions</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The share capital of
the Group is represented by common shares with a nominal value of US$ 1.5 per share and one vote each.&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 85%; margin-left: 4%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom-width: 4px; padding-bottom: 2px; width: 69%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom-width: 4px; padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom-width: 4px; text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom-width: 4px; text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom-width: 4px; text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom-width: 4px; padding-bottom: 2px; width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom-width: 4px; text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom-width: 4px; text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom-width: 4px; text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Number
    of shares</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Share
                                         capital and </B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>share
        premium</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At January 1 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>120,533</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,106,805</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Employee share options exercised (Note 18)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">312</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Restricted shares vested (Note 18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,347</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-controlling interest acquired through exchange of Shares (1)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,655</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,199</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At 31 December 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>122,220</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,123,663</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Employee share options exercised (Note 18) (2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">126</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Restricted shares and units vested (Note 18)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">162</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,963</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchase of own shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,107</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At 31 December 2013&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>122,382</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,122,645</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Employee share options exercised (Note 18) (2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">955</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Restricted shares and units vested (Note 18)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,444</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchase of own shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(10,427</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At 31 December 2014&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>122,382</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,116,617</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify; width: 94%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">During 2012, the Company
    issued 1,654,752 shares to certain limited partners of International Farmland Holdings LP (&#147;IFH&#148;) in exchange
    for their residual interest, totaling 1.36% interest in IFH. After this exchange, the Company holds 100% of IFH interest.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Treasury shares were used
    to settle these options and units.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Share Repurchase
Program</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On September 24, 2013,
the Board of Directors of the Company has authorized a share repurchase program for up to 5% of its outstanding shares. The repurchase
program has commenced on September 24, 2013 and will be reviewed by the Board of Directors after a 12-month period: repurchases
of shares under the program will be made from time to time in open market transactions in compliance with the trading conditions
of Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, and applicable rules and regulations. The share repurchase
program does not require Adecoagro to acquire any specific number or amount of shares and may be modified, suspended, reinstated
or terminated at any time in the Company&#146;s discretion and without prior notice. The size and the timing of repurchases will
depend upon market conditions, applicable legal requirements and other factors. On August 12, 2014 the Board of Directors decided
to extend the program for a 12 month-period.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31,
2014, the Company repurchased 2,343,846 shares under this program, of which 454,165 have been applied to some exercise of the
Company&#146;s stock option plan.&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>18.</B></FONT></TD>
    <TD STYLE="text-align: left; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Equity-settled share-based payments</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group has set a
&#147;2004 Incentive Option Plan&#148; and a &#147;2007/2008 Equity Incentive Plan&#148; (collectively referred to as &#147;Option
Schemes&#148;) under which the Group granted equity-settled options to senior managers and selected employees of the Group&acute;s
subsidiaries. Additionally, in 2010 the Group has set a &#147;Adecoagro Restricted Share and Restricted Stock Unit Plan&#148;
(referred to as &#147;Restricted Share Plan&#148;) under which the Group grants restricted shares to senior and medium management
and key employees of the Group&#146;s subsidiaries.&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 91%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Option Schemes</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group recognized
aggregate compensation expense of US$ 0.3 million for the year ended December 31, 2014 (2013: US$ 0.1 million; 2012: US$ 0.2 million)
related to the options granted under the Option Schemes.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The fair value of the
options under the Option Schemes was measured at the date of grant using the Black-Scholes valuation technique.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of the date of these
financial statements all options has already been expensed.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Details of each plan
are as follow:</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>The Adecoagro/ IFH
2004 Stock Incentive Option Plan</I></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This scheme was effectively
established in 2004 and is administered by the Compensation Committee of the Company. Options under the Adecoagro/ IFH 2004 Stock
Incentive Option Plan are fully vested over a. Options are exercisable over a ten-year period. In may 2014 this period was extended
for another ten year-period.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Movements in the number
of equity-settled options outstanding and their related weighted average exercise prices under the Adecoagro/ IFH 2004 Stock Incentive
Option Plan are as follows:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 18%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Average</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>exercise</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>price
        per</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>share</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Options</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(thousands)</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Average</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>exercise</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>price
        per</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Share</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Options</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(thousands)</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Average</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>exercise</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>price
        per</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>share</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Options</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(thousands)</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">At January 1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.67</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,061</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.68</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,100</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.68</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,134</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Forfeited&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.62</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.62</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(21</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.62</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exercised&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,83</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(140</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.83</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(17</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.71</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(32</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At December 31</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6,71</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,916</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6.67</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,062</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6.68</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,100</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>18.</B></FONT></TD>
    <TD STYLE="text-align: left; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Equity-settled unit-based payments (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Options outstanding
at year end under the Adecoagro/ IFH 2004 Incentive Option Plan have the following expiry date and exercise prices:&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD ROWSPAN="2" COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Exercise</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>price per</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>share</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="11" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; <BR> Shares (in thousands)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Expiry
    date (i):</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 1, 2024</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.83</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">570</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">674</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">674</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 1, 2025</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.83</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">543</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">553</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">553</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 1, 2026</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.83</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">136</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">156</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">173</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 16, 2026</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.11</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">110</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">110</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">110</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">October 1, 2026</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,62</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">557</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">569</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">590</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="text-align: justify; width: 92%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">On May 2014, the Board of directors
    decided to extend the expired date of the Plan.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>The Adecoagro/ IFH
2007/ 2008 Equity Incentive Plan</I></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This scheme was effectively
established in late 2007 and is administered by the Compensation Committee of the Company. Options under the Adecoagro/ IFH 2007/2008
Equity Incentive Plan vest over a 4-year period from the date of grant at 25% on each anniversary of the grant date. Options are
exercisable over a ten-year period. The exercise price of the options is determined by the Compensation Committee but under no
circumstances the price may be less than 100% of the fair market value of the shares at the date of grant.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Movements in the number
of equity-settled options outstanding and their related weighted average exercise prices under the Adecoagro/ IFH 2007/2008 Equity
Incentive Plan are as follows:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 18%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Average</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>exercise</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>price
        per</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>share</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Options</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(thousands)</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Average</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>exercise</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>price
        per</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>share</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Options</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(thousands)</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Average</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>exercise</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>price
        per</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>share</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Options</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(thousands)</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">At January 1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.07</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,751</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.06</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,013</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.06</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,038</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Granted</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Forfeited</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.40</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(22</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.01</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(262</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.06</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(24</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4px; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At December 31</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13.07</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,729</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13.07</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,751</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13.06</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>18.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Equity-settled unit-based payments (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Options outstanding
at year-end under the Adecoagro/ IFH 2007/2008 Equity Incentive Plan have the following expiry date and exercise prices:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD ROWSPAN="2" COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Exercise</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>price per</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>share</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="11" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><BR>Shares (in thousands)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Expiry
    date:</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dec 1, 2017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.82</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">950</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">963</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,138</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jan 30, 2019&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.40</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">599</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">608</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">687</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nov 1, 2019&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.40</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jan 30, 2020</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.82</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jan 30, 2020</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.40</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">65</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">65</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">71</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jun 30, 2020</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.40</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sep 1, 2020</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.40</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">44</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">44</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">44</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sep 1, 2020</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.82</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
shows the exercisable shares at year end under both the Adecoagro/ IFH 2004 Incentive Option Plan and the Adecoagro/ IFH 2007/
2008 Equity Incentive Plan:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 30%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 36%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Exercisable
                                         shares</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>in
        thousands</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,645</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,769</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,849</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During 2014 and 2013,
139,870 options and 17,162 options were exercised under the 2004 Incentive Option Plan, respectively. Accordingly, the Group issued
and registered these shares with a nominal value of US$ 1.5.&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(b)</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 91%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Restricted Share and Restricted Stock Unit Plan</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Restricted Share
and Restricted Stock Unit Plan was effectively established in 2010 and amended in November 2011. It is administered by the Compensation
Committee of the Company. Restricted shares under the Restricted Share or Restricted Stock Units Plan vested over a 3-year period
from the date of grant at 33% on each anniversary of the grant date. Participants are entitled to receive one common share of the
Company for each restricted share or restricted unit issued. For this plan, there are no performance requirements for the delivery
of common shares, except that a participant&#146;s employment with the Group must not have been terminated prior to the relevant
vesting date. If the participant ceases to be an employee for any reason, any unvested restricted unit shall not be converted into
common shares and the participant shall cease for all purposes to be a shareholder with respect to such shares.&nbsp;&nbsp;The
maximum number of ordinary shares with respect to which awards may be made under the Plan is 1,801,038. On March 17, 2015, the
Board of Director increased this amount in 673,663 of shares.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On July 18, 2011, the
Group issued and registered 427,293 restricted shares with a nominal value of US$ 1.5, which were granted under the Restricted
Share Plan. All restricted shares has already vested.&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>18.</B></FONT></TD>
    <TD STYLE="text-align: left; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Equity-settled unit-based payments (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">At December 31, 2014,
the Group recognized compensation expense US$ 3.6 million related to the restricted shares granted under the Restricted Share Plan
(2013: US$ 3.7 million).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The restricted shares
under the Restricted Share Plan were measured at fair value at the date of grant.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Key grant-date fair
value and other assumptions under the Restricted Share Plan are detailed below:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Grant Date</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; border-top: black 1pt solid"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Apr
                                         1,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; border-top: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; border-top: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; border-top: black 1pt solid"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>May
                                         15,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; border-top: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; border-top: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; border-top: black 1pt solid"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Apr
                                         1,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;2013</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; border-top: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; border-top: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; border-top: black 1pt solid"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>May
                                         15,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;2013</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; border-top: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; border-top: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; border-top: black 1pt solid"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Apr
                                         1,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; border-top: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px; border-top: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; border-top: black 1pt solid"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>May
                                         15,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; border-top: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 3.9pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fair value</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.81</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.33</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.08</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.48</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.92</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.72</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Possibility of ceasing employment</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">before vesting</P></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Movements in the number
of restricted shares outstanding under the Restricted Share Plan are as follows:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Restricted</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>shares</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(thousands)</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Restricted</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>stock
        units</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(thousands)</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Restricted</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>shares</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(thousands)</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Restricted</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>stock
        units</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(thousands)</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">At January 1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">109</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">699</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">234</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">515</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Granted (1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">480</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">362</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Forfeited</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(21</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(10</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vested</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(106</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(297</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(119</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(169</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At December 31</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>861</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>109</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>699</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)
Approved by the Board of Directors of March 19, 2013 and the Shareholders Meeting of April 17, 2013.</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During 2014 and 2013,
1,676 restricted shares and 5,827 restricted shares became forfeited, respectively, and were returned to the Group. These restricted
shares are held by the Group as treasury shares and presented within &#147;Treasury shares&#148; in the statement of changes
in shareholders&#146; equity.&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>19.&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Legal and other reserves</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">According to the laws
of certain of the countries in which the Group operates, a portion of the profit of the year (5%) is separated to constitute legal
reserves until they reach legal capped amounts. These legal reserves are not available for dividend distribution and can only be
released to absorb losses. The legal limit of these reserves has not been met.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition, from time
to time, the subsidiaries of the Group may separate portions of their profits of the year to constitute voluntary reserves according
to company law and practice. These voluntary reserves may be released for dividend distribution.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Legal and other reserves
amount to US$ 44,788 as of December 31, 2014 (2013: US$ 38,549) and are included within the balance of retained earnings in the
statement of changes in shareholders&#146; equity.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Company may&nbsp;make
distributions in the form of&nbsp;dividends&nbsp;or otherwise&nbsp;to the extent that it has distributable retained earnings&nbsp;or
available distributable reserves (including share premium)&nbsp;that result from the Stand Alone Financial Statements prepared
in accordance with Luxembourg GAAP. &nbsp;No distributable retained earning result from the Stand Alone Financial Statements of
the Company as of December 31, 2014,&nbsp;but the Company has distributable reserves in excess of US$ 914,135.&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0">&nbsp;&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>20.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Trade and other payables</B></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%; margin-left: 2%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Non-current</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payable from acquisition of property, plant and equipment (i)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,084</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,605</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other payables&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">307</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">346</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,391</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,951</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Current</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade payables&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">70,269</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">84,009</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Advances from customers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,636</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,900</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amounts due to related parties (Note 33)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,069</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Taxes payable&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,217</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,108</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Escrows arising on business combinations (Note 32)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">316</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,030</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other payables&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,662</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">849</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>83,100</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>92,965</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total trade and other payables&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>85,491</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>95,916</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">These trades payable are mainly collateralized
    by property, plant and equipment of the Group.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The fair values of current
trade and other payables approximate their respective carrying amounts due to their short-term nature. The fair values of non-current
trade and other payables approximate their carrying amounts, as the impact of discounting is not significant.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>21.</B></FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Borrowings</B></FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%; margin-left: 2%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Non-current</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bank borrowings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">491,031</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">511,753</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Obligations under finance leases&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">293</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">411</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>491,324</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>512,164</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Current</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bank overdrafts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,789</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,750</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bank borrowings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">199,106</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">141,889</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Obligations under finance leases&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">287</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">328</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>207,182</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>147,967</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total borrowings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>698,506</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>660,131</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31, 2014,
total bank borrowings include collateralized liabilities of US$ 640,034 (2013: US$ 625,533). These loans are mainly collateralized
by property, plant and equipment, sugarcane plantations, sugar export contracts and shares of certain subsidiaries of the Group.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0">&nbsp;&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>21.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Borrowings (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The maturity of the
Group&#146;s borrowings (excluding obligations under finance leases) and the Group&#146;s exposure to fixed and variable interest
rates is as follows:</P>

<P STYLE="text-align: left; margin-left: 0; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fixed rate:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less than 1 year</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">95,524</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A NAME="a_range_b22_"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif">56,932</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between 1 and 2 years</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45,518</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">38,393</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between 2 and 3 years</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">41,685</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37,762</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between 3 and 4 years</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,809</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29,467</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between 4 and 5 years</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39,992</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,803</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">More than 5 years</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">87,219</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">75,745</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>335,747</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>266,102</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.75pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Variable rate:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less than 1 year</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">111,371</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">90,707</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between 1 and 2 years</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">130,426</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">107,392</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between 2 and 3 years</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">80,199</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100,949</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between 3 and 4 years</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,154</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54,212</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between 4 and 5 years</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,346</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,586</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">More than 5 years</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19,683</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,444</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>362,179</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>393,290</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>697,926</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>659,392</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Borrowings incurred
by the Group&#146;s subsidiaries in Brazil are repayable at various dates between January 2015 and September 2024 and bear either
fixed interest rates ranging from 2.00% to 14.13% per annum or variable rates based on LIBOR or other specific base-rates plus
spreads ranging from 4.46% to 15.59% per annum. At December 31, 2014 LIBOR (six months) was 0.37% (2013: 0.28%).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Borrowings incurred
by the Group&#146;s subsidiaries in Argentina are repayable at various dates between January 2015 and November 2019 and bear either
fixed interest rates ranging from 4.50% and 7.00% per annum for those borrowings denominated in US dollar, and fixed interest rates
ranging from 9,90% and 15,01% per annum for those borrowings denominated in argentine pesos.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>21.</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Borrowings (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 0pt; font: 10pt Times New Roman, Times, Serif"><B>Brazilian
Subsidiaries</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 0pt; font: 10pt Times New Roman, Times, Serif"><B>The main
loans of the Group&#146;s Brazilian Subsidiaries are:</B></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 16%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 19%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-left-color: black; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Bank</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Grant
    Date</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Nominal
    amount</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Capital
    Outstanding</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Maturity
    date</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Annual
    Interest Rate</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left-color: black"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="border-left: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-left: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-left: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-left: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-left-color: black"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(In
    millions)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Millions
    of </B><BR><B>Reais</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Millions
    of </B><BR><B>equivalent </B><BR><B>Dollars</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Millions
    of </B><BR><B>equivalent </B><BR><B>Dollars</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left-color: black"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rabobank / Ita&uacute; BBA / Santander / Ita&uacute; Unibanco / Bradesco / HSBC (Finem ANG) (1)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2008</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">R$ 151</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">62.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Partially Long-Term Interest Rate (TJLP), as disclosed by the Brazilian Central Bank + 4.05% and partially Interest Rate Resolution 635/87 (average BNDES external funding rate) + 4.05%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left-color: black"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Banco Do Brasil (2)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July&nbsp;&nbsp;2010</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;R$ 70</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">48.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July 2020</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10% with 15% of bonus performance</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left-color: black"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BTG Pactual / HSBC / Votorantim / Rabobank (3)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 2012</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">R$ 230</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">76.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">65.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2015</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CDI + 3.6%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left-color: black"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bradesco (4)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 2012</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">US$ 11.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2016</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.20%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left-color: black"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Banco Do Brasil (5)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">October 2012</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">R$ 130</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">130.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">48.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">55.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 2022</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.94% per annum with 15% of bonus performance</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left-color: black"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Itau BBA (6)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2012</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">R$ 45.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">41.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2022</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.50%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left-color: black"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Itau BBA (7)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">R$ 75</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2019</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CDI + 3.2%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left-color: black"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ING / ABN /Bladex Loan (8)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July 2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">US$ 70</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">70.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2016</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LIBOR 6M plus 4.5%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left-color: black"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rabobank / Bradesco / HSBC / PGGM / Hinduja Bank (9)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;US$ 90</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">72.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">90.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July 2017</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LIBOR 3M plus 4.75%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left-color: black"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Banco do Brasil / Itaul BBA&nbsp;&nbsp;Finem Loan (10)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">R$ 273</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">253.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">95.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">58.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2023</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.69%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left-color: black"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BNDES Finem Loan (11)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">R$ 215</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">208.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">78.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2023</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.23%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left-color: black"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ING / Bradesco / HSBC / BES / ICBC / Hinduja Bank / Monte Dei Paschi / Banco da China / Bladex (12)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2014</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">US$ 100</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2017</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LIBOR 3M plus 4.20%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left-color: black"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i) a first degree
    mortgage of the Takuare farm; (ii) a pledge on the capital stock (&#147;quotas&#148;) of Adecoagro Brasil Participa&ccedil;&otilde;es
    S/A; and (iii) liens over the Ang&eacute;lica mill and equipment, all of which are property of Adecoagro Vale do Ivinhema.</FONT></TD></TR>
</TABLE>


<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i) a first degree
    mortgage of the Sap&aacute;lio farm, (ii) liens over the Ang&eacute;lica mill and equipment, all of which are property of
    Adecoagro Vale do Ivinhema.</FONT></TD></TR>
</TABLE>


<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i) a first-degree
    mortgage of the Dom Fabr&iacute;cio and Nossa Senhora Aparecida farms, (ii) pledge of sugarcane and (iii) sales contracts.</FONT></TD></TR>
</TABLE>


<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i) liens over the
    Monte Alegre mill and equipment, all of which are property of Usina Monte Alegre</FONT></TD></TR>
</TABLE>


<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i) a first degree
    mortgage of the Carmen (Santa Agua) farm, (ii) a second degree mortgage of the Sap&aacute;lio farm, (iii) liens over the Ivinhema
    mill and equipment.</FONT></TD></TR>
</TABLE>


<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(6)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i) a first degree
    mortgage of the Carmen (Santa Agua) farm, (ii) a second degree mortgage of the Takuare farm,&nbsp;&nbsp;(iii) a second degree
    mortgage of the Sap&aacute;lio farm and (iv) liens over the Ivinhema mill and equipment.</FONT></TD></TR>
</TABLE>


<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(7)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by power sales contract.</FONT></TD></TR>
</TABLE>


<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(8)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i) pledge of sugarcane
    and (ii) sales contracts</FONT></TD></TR>
</TABLE>


<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(9)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i) pledge of sugarcane
    and (ii) sales contracts.</FONT></TD></TR>
</TABLE>


<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(10)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i) a first degree
    mortgage of the Carmen (Santa Agua) farm, (ii) a second degree mortgage of the Takuare farm,&nbsp;&nbsp;(iii) a second degree
    mortgage of the Sap&aacute;lio farm and (iv) liens over the Ivinhema mill and equipment.</FONT></TD></TR>
</TABLE>


<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(11)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i) liens over the
    Ivinhema mill and equipment, all of which are property of Adecoagro Vale do Ivinhema and (ii) power sales contracts.</FONT></TD></TR>
</TABLE>


<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(12)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Collateralized by (i) pledge of sugarcane
    and (ii) sales contracts.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)<BR>
</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>21.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Borrowings (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The abovementioned loans
contain certain customary financial covenants and restrictions which require us to meet pre-defined financial ratios, among other
restrictions, as well as restrictions on the payment of dividends. These financial ratios are measured considering the statutory
financial statements of the Brazilian Subsidiaries.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During 2014 and 2013 the
Group was in compliance with all financial covenants.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Argentinian Subsidiaries</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 3%; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman">&bull;</FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>IDB Facility</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The amended IDB Facility
is divided into a seven-year US$ 20 million tranche (&#147;Tranche A&#148;) and a five-year US$ 60 million tranche (&#147;Tranche
B&#148;) with a final maturity in November 2018 and 2016, respectively.&nbsp;&nbsp;Tranche A bore interest at fixed rate of 6.11%
per annum. Tranche B bears interest at 180-day LIBOR plus 4.45% per annum. The Group entered into a floating to fix interest rate
forward swap, fixing LIBOR at 1.25%, effective May 2012.&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Payment of principal
plus interest of both tranches are made on a bi-annual basis. The IDB Facility is collateralized by property, plant and equipment
with a net book value of US$ 24.77 million, by a mortgage over (i) Carmen and La Rosa farms which are property of Adeco Agropecuaria
S.A.; and (ii) El Meridiano farm which is the property of Pilag&aacute; S.A.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Defaults by either Adeco
Agropecuaria S.A. or Pilag&aacute; S.A. on any indebtedness with an aggregate principal amount over US$ 3.0 million can result
in acceleration of the full outstanding loan amount due to the IDB. The IDB Facility also contains certain customary financial
covenants and restrictions which require us to meet pre-defined financial ratios, among other restrictions, as well as restrictions
on the payment of dividends. The financial covenants are measured in accordance with generally accepted accounting principles in
Argentina.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition, the IDB
Facility contains a change of control provision requiring acceleration of amounts due under the facility.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0 0pt 0pt; font: 10pt Times New Roman, Times, Serif">During 2014 and
2013 the Group was in compliance with all financial covenants.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The carrying amounts
of the Group&#146;s borrowings are denominated in the following currencies (expressed in US dollars):</P>

<P STYLE="text-align: left; margin-left: 18pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%; margin-left: 2%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.75pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Currency</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.75pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">US Dollar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">320,638</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">257,283</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.75pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Brazilian Reais&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">362,733</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">372,058</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.75pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argentine Peso&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,135</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,775</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 5.75pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Uruguayan Peso&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>698,506</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>660,131</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>22.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Taxation</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Adecoagro is subject
to the applicable general tax regulations in Luxembourg.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group&#146;s income
tax has been calculated on the estimated assessable taxable profit for the year at the rates prevailing in the respective foreign
tax jurisdictions. The subsidiaries of the Group are required to calculate their income taxes on a separate basis according to
the rules and regulations of the jurisdictions where they operate. Therefore, the Group is not legally permitted to compensate
subsidiaries&#146; losses against subsidiaries&#146; income. The details of the provision for the Group&#146;s consolidated
income tax are as follows:<BR>
</P>

<P STYLE="text-align: left; margin-left: 18pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 90%; margin-left: 2%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Current income tax</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(124</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(979</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,377</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred income tax</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,982</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,256</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,813</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Income tax (expense) / benefit</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(6,106</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>9,277</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,436</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The statutory tax rate
in the countries where the Group operates for all of the years presented are:</P>

<P STYLE="text-align: left; margin-left: 18pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 40%; margin-left: 2%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Tax
    Jurisdiction</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Income
    Tax Rate</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 55%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argentina</FONT></TD>
    <TD STYLE="width: 2%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 39%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Brazil</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Uruguay</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Argentine income tax
law includes a 10% withholding tax on dividend distributions made by Argentine companies to individuals and foreign beneficiaries.
As of December 31, 2014, the Company did not record any liability on retained earnings at their Argentine subsidiaries due to its
dividend policy which defines that the Company intends to retain any future earnings to finance operations and the expansion of
their business and does not intend to distribute or pay any cash dividends on the Group&#146;s common shares in the foreseeable
future.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Deferred income tax
liabilities of US$ 1.00 million have not been recognized for the withholding tax and other taxes that would be payable on the unremitted
earnings of certain subsidiaries. Such amounts are permanently reinvested. Unremitted earnings totaled US$ 9.96 million at December
31, 2014.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Deferred tax assets
and liabilities of the Group as of December 31, 2014 and 2013, without taking into consideration the offsetting of balances within
the same tax jurisdiction, will be recovered or settled as follows:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%; margin-left: 2%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred income tax asset to be recovered after more than 12 months</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">75,635</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">75,668</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred income tax asset to be recovered within 12 months</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,110</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17,692</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Deferred income tax assets&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>85,745</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>93,360</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Deferred income tax liability to be settled after more than 12 months</P></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(77,305</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(97,509</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred income tax liability to be settled within 12 months</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,478</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,106</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Deferred income tax liability&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(79,783</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(102,615</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Deferred income tax assets / (liabilities), net</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,962</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(9,255</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The gross movement on the
deferred income tax account is as follows:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A</B></FONT><B>.</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>22.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Taxation (continued)</B></FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%; margin-left: 2%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Beginning of year</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9,255</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(39,997</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(55,908</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange differences</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,050</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,259</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,741</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Disposal of subsidiary (Note 16)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">201</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">357</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax charge relating to cash flow hedge (i)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,149</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,026</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; padding-left: 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income tax (expense) / benefit</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,982</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,256</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,813</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; padding-left: 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>End of year</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,962</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(9,255</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(39,997</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Relates to the gain or loss before income
    tax of cash flow hedge recognized in other comprehensive income amounting to US$ 53,584 for the year ended December 31, 2014.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The movement in the
deferred income tax assets and liabilities during the year, without taking into consideration the offsetting of balances within
the same tax jurisdiction, is as follows:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Deferred
    income tax liabilities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Property,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>plant
        and</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>equipment</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Biological</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>assets</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Others</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At January 1, 2012</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>96,051</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>16,486</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,483</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>114,020</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Charged/(credited) to the statement of income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(601</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,951</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,277</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,627</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Acquisition of subsidiary</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(357</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(357</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange differences</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(11,684</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,644</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(407</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(13,735</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At December 31, 2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>83,409</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>18,793</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>14,353</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>116,555</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Credited)/charged to the statement of income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,590</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,394</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,864</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,060</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Disposal of subsidiary</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(622</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(622</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange differences</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(18,339</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,247</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,792</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(24,378</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At December 31, 2013</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>77,038</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>11,152</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>14,425</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>102,615</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Credited) /charged to the statement of income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6,446</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(960</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,014</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,392</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange differences</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(16,367</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,137</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,936</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(21,440</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4px; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At December 31, 2014</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>54,225</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8,055</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>17,503</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>79,783</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>22.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Taxation (continued)</B></FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Deferred
        income tax</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>assets</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Provisions</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Tax
                                         loss</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;carryforwards</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Equity-settled</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>share-based</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>compensation</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Biological</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Assets</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Others</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At January 1, 2012</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,068</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>40,645</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,959</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,039</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,401</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>58,112</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Charged/(credited) to the statement of income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,033</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21,652</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">757</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(302</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">300</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23,440</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange differences</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(530</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,880</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(236</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(348</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,994</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At December 31, 2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,571</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>58,417</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6,716</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,501</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,353</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>76,558</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Charged/(credited) to the statement of income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,161</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,200</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(299</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,922</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,332</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21,316</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Disposal of subsidiary</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(421</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(421</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax charge relating to cash flow hedge</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,347</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,347</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange differences</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(905</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9,923</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(549</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,063</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(12,440</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At December 31, 2013</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,827</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>69,620</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6,417</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4,874</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6,622</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>93,360</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Charged/(credited) to the statement of income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,745</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,636</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(522</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,568</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,097</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7,374</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax charge relating to cash flow hedge</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,149</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,149</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange differences</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(313</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(12,780</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(397</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(900</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(14,390</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At December 31, 2014</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,769</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>68,353</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,895</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,909</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6,819</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>85,745</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Tax loss carry forwards
in Argentina and Uruguay generally expire within 5 years. Tax loss carry forwards in Brazil do not expire. However, in Brazil,
the taxable profit for each year can only be reduced by tax losses up to a maximum of 30%.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In order to fully realize
the deferred tax asset, the Group will need to generate future taxable income in the countries where the tax loss carry forward
were incurred. Based upon the level of historical taxable income and projections for future taxable income over the periods in
which the deferred tax assets are deductible, management believes that as at December 31, 2014, it is probable that the Group will
realize all of the deferred tax assets in Argentina and some portion of the deferred tax assets in Brazil.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31,
2014, the Group&#146;s tax loss carry forwards and their corresponding jurisdictions are as follows:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%; margin-left: 6%">
<TR>
    <TD STYLE="width: 34%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 31%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 31%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Jurisdiction</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Tax
    loss carry forward</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Expiration
    Period</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 9.1pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,035</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5 years</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Uruguay</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 9.1pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,098</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5 years</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 9.1pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194,621</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No expiration date</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Deferred income tax
assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefit through future
taxable profits is probable. The Group did not recognize deferred income tax assets of US$ 3.8 million in respect of losses amounting
to US$ 11.2 that can be carried forward against future taxable income. These losses do not expire.&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>22.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Taxation (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The tax on the Group&#146;s
profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits
of the consolidated entities as follows:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax calculated at the tax rates applicable to profits in the respective countries</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,374</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,094</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(959</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-deductible items&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(441</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,398</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,978</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Utilization of tax losses&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,845</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax losses where no deferred tax asset was recognized</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,383</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,811</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-taxable income&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">199</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,319</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,744</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Others&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(107</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">73</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(216</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Income tax (expense) / benefit&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(6,106</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>9,277</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,436</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>23.</B></FONT></TD>
    <TD STYLE="text-align: left; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Payroll and social security liabilities</B></FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 68%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Non-current</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Social security payable&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,278</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,458</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,278</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,458</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Current</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Salaries payable&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,322</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,782</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Social security payable&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,898</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,849</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Provision for vacations&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,364</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,481</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Provision for bonuses&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,731</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,027</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>27,315</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>26,139</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total payroll and social security liabilities</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>28,593</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>27,597</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>24.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Provisions for other liabilities</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group is subject
to several laws, regulations and business practices of the countries where it operates. In the ordinary course of business, the
Group is subject to certain contingent liabilities with respect to existing or potential claims, lawsuits and other proceedings,
including those involving tax, labor and social security, administrative and civil and other matters. The Group accrues liabilities
when it is probable that future costs will be incurred and it can reasonably estimate them. The Group bases its accruals on up-to-date
developments, estimates of the outcomes of the matters and legal counsel experience in contesting, litigating and settling matters.
As the scope of the liabilities becomes better defined or more information is available, the Group may be required to change its
estimates of future costs, which could have a material effect on its results of operations and financial condition or liquidity.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The table below shows
the movements in the Group&#146;s provisions for other liabilities categorized by type of provision:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Labor,
                                         legal and</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>other
        claims</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Tax
                                         and social</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;security</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Onerous
    contracts</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At January 1, 2013</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,634</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>54</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>44</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,732</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Additions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,811</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">62</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,766</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,639</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Used during year</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,123</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(114</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,683</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,920</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange differences</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(490</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(501</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At December 31, 2013</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,832</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>118</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,950</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Additions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,283</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,779</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,062</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Used during year</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(899</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,841</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,740</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange differences</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(487</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(48</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(535</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>At December 31, 2014</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,729</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,737</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Analysis of total provisions:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 68%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 5.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non current&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,013</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,293</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 5.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Current&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">724</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">657</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,737</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,950</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group is engaged
in several legal proceedings, including tax, labor, civil, administrative and other proceedings in Brazil, which qualified as
contingent liabilities for an aggregate claimed nominal amount of US$ 24.07 million and US$ 19.11 as of December 31, 2014 and
2013, respectively.&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>25.</B>&nbsp;</FONT></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Sales</B></FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Sales of manufactured products and services rendered:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99,339</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">101,906</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">89,062</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ethanol&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">165,870</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,382</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">121,544</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sugar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">174,459</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">133,597</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">134,766</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Energy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">66,800</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,463</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,649</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Powder milk&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,948</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Services&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,093</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,929</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,575</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operating Leases&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,593</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,446</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,780</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Others&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">584</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>513,127</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>425,307</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>379,526</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Sales of agricultural produce and biological assets:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soybean&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">79,515</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">68,850</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">66,721</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cattle for dairy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,553</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,244</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,634</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other cattle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">616</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">623</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">69,636</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">79,277</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">67,915</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cotton&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,081</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,119</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,489</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Milk&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,467</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28,417</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17,234</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wheat&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,669</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20,379</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,611</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Coffee&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">439</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,363</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sunflower&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,016</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,030</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,887</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sorghum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">84</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">146</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">875</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,117</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Barley&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,150</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,419</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,220</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Seeds&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,244</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,617</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,294</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Others&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">307</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">764</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">308</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>209,839</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>219,317</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>225,174</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total sales&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>722,966</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>644,624</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>604,700</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Commitments to
sell commodities at a future date</I></B></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group entered into
contracts to sell non-financial instruments, mainly, sugar, soybean and corn through sales forward contracts. Those contracts are
held for purposes of delivery the non-financial instrument in accordance with the Group&#146;s expected sales. Accordingly, as
the own use exception criteria are met, those contracts are not recorded as derivatives.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The notional amount
of these contracts is US$ 31.5&nbsp;&nbsp;million as of December 31, 2014 (2013: US$ 49.7 million; 2012: US$ 75 million) comprised
primarily of 801 tons of sugar (US$ 0.7 million), 14,952 m3 of ethanol (US$ 8.1 million), 40,577 tons of soybean (U$S 11.8 million),
270 tons of cotton (US$ 0.3 million), 5,171 tons of wheat (US$ 1.2 million), 32,851 tons of corn (US$ 4.6 million) and 12,600
tons of sunflower (US$ 4.8) which expire between January 2015 and July 2015.&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>26.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Expenses by nature</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group presented
the statement of income under the function of expense method. Under this method, expenses are classified according to their function
as part of the line items &#147;cost of manufactured products sold and services rendered&#148;, &#147;cost of agricultural produce
sold and direct agricultural selling expenses&#148;, &#147;general and administrative expenses&#148; and &#147;selling expenses&#148;.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
provides the additional disclosure required on the nature of expenses and their relationship to the function within the Group:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 1.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of agricultural produce and biological assets sold</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">185,378</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">191,213</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">194,107</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 1.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Raw materials and consumables used in manufacturing activities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">191,827</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">158,352</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">159,968</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 1.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Services&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,046</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,201</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,670</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 1.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Salaries and social security expenses (Note 27)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">66,775</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">61,019</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">63,089</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 1.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation and amortization&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">89,656</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">68,432</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54,468</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 1.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Taxes (*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,689</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,836</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,102</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 1.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maintenance and repairs&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,722</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,085</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,815</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 1.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Freights&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">46,499</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37,909</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,470</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 1.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export taxes / selling taxes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34,550</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34,410</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,683</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 1.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fuel and lubricants&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,225</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,603</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,625</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 1.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lease expense and similar arrangements (**)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,473</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,610</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,200</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 1.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Others&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21,329</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23,248</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; padding-right: 1.15pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total expenses by nature&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>676,840</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>612,999</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>605,445</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(*)
Excludes export taxes and selling taxes.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(**)
Relates to various cancellable operating lease agreements for office and machinery equipment.</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For the year ended
December 31, 2014, an amount of US$ 335,442 is included as &#147;cost of manufactured products sold and services rendered&#148;
(2013: US$ 272,261; 2012: US$&nbsp;&nbsp;263,978); an amount of US$ 209,839 is included as &#147;cost of agricultural produce
sold and direct agricultural selling expenses&#148; (2013: US$219,317; 2012: US$ 225,174); an amount of US$ 52,695 is included
in &#147;general and administrative expenses&#148; (2013: US$ 53,352; 2012: US$ 57,691); and an amount of US$ 78,864 is included
in &#147;selling expenses&#148; as described above (2013: US$68,069; 2012: US$ 58,602).&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>27.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;Salaries and social security expenses</B></FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wages and salaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">48,287</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">42,291</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">43,519</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Social security costs&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,621</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,925</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,432</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equity-settled share-based compensation</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,867</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,803</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,138</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>66,775</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>61,019</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>63,089</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number of employees&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,109</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,494</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,051</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>28.</B></FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Other operating income, net</B></FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 67%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gain from the sale of subsidiaries (Note 16)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">779</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,513</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gain from disposal of&nbsp;&nbsp;farmland and other assets (Note 16)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26,434</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gain from commodity derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,937</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19,586</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,821</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss from onerous contracts &ndash; forwards</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(157</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(292</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,302</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gain from disposal of&nbsp;&nbsp;other property items</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">985</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">670</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">882</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gain from disposal of financial assets(Note 16)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,188</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Others&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,212</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,285</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,183</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>11,977</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>49,650</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>31,097</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>29.</B></FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;Financial results, net</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance income:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 67%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">- Interest income&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,068</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,882</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,249</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">- Other income&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">223</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">352</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">289</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Finance income&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7,291</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7,234</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>11,538</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance costs:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">- Interest expense&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(54,915</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(49,249</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(27,672</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">- Cash flow hedge &ndash; transfer from equity</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(12,031</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,560</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">- Foreign exchange losses, net&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9,246</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(21,087</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(26,080</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">- Taxes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,731</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,815</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,265</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">- Loss from interest rate/foreign exchange rate derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,232</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(19,028</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,823</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">- Other expenses</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,317</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,177</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,814</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Finance costs</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(86,472</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(98,916</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(66,654</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total financial results, net</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(79,181</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(91,682</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(55,116</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated
financial statements.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>30.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;Earnings per share</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 38pt; font: 10pt Times New Roman, Times, Serif"><B><I>(a) Basic</I></B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Basic earnings per
share is calculated by dividing the profit attributable to equity holders of the Group by the weighted average number of shares
in issue during the period excluding ordinary shares held as treasury shares (Note 16).&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp; </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 67%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Profit / (Loss) from continuing operations attributable to equity holders of the Group</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,518</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(27,597</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,488</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Profit/(Loss) from discontinued operations attributable to equity holders of the Group</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,767</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(40,91</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Weighted average number of shares in issue (thousands)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">120,562</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">122,302</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">121,365</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Basic earnings / (loss) per share from continuing operations</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>0.021</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(0.226</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>0.111</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Basic earnings / (loss) per share from discontinued operations</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>0.014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(0.034</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 38pt; font: 10pt Times New Roman, Times, Serif"><B><I>(b) Diluted</I></B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Diluted earnings per
share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive potential
shares. The Group has one category of dilutive potential shares: equity-settled share options. For these instruments, a calculation
is done to determine the number of shares that could have been acquired at fair value, based on the monetary value of the subscription
rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that
would have been issued assuming the exercise of the equity-settled share options.&nbsp;&nbsp;As of December 31, 2014, there were
1,729 thousands (2013: 2,431 thousands; 2012: 2,528 thousands) share options outstanding that could potentially have a dilutive
impact in the future but were antidilutive for the periods presented.&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 67%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Profit / (Loss) from continuing operations attributable to equity holders of the Group</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,518</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(27,597</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,488</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Profit /(Loss) from discontinued operations attributable to equity holders of the Group</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,767</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(40,91</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Weighted average number of shares in issue (thousands)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">120,562</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">122,302</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">121,365</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Adjustments for:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">- Employee share options and restricted units (thousands)</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,055</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">807</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,104</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Weighted average number of shares for diluted earnings per share (thousands)</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">121,617</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">123,109</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">122,469</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Diluted earnings / (loss) per share from continuing operations</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>0.021</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(0.226</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>0.111</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Diluted earnings / (loss) per share from discontinued operations</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>0.014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(0.034</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">The accompanying notes are an integral part of these consolidated
financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>31.</B></FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;Disclosure of leases and similar arrangements</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 38pt; font: 10pt Times New Roman, Times, Serif"><B><I>The Group
as lessee</I></B></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 38pt; font: 10pt Times New Roman, Times, Serif"><I>Operating leases:</I></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group leases various
offices and machinery under cancellable operating lease agreements which involve no significant amount.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group leases land
for crop cultivation in Argentina. The leases have an average term of a crop year and are renewable at the option of the lessee
for additional periods. Under the lease agreements, rent accrues generally at the time of harvest. Rent is payable at several times
during the crop year. Lease expense was US$ 12.82 million for the year ended December 31, 2014 (2013: US$ 17.85 million; 2012:
US$ 17.60 million). Lease expense is capitalized as part of biological assets, affecting the periodically re-measurement of the
biological assets at fair value. Based on this accounting policy, the line item &lsquo;Initial recognition and changes in fair
value of biological assets and agricultural produce&#146; in the consolidated income statement is directly affected by the lease
expense that has been capitalized.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The future aggregate minimum
lease payments under cancellable operating leases are as follows:<BR>
</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No later than 1 year&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,180</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,313</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Later than 1 year and no later than 5 years</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">105</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,090</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Thereafter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,285</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>16,403</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Agriculture &#147;partnerships&#148;
</I>(<I>parceria </I>by<I>&nbsp;</I>its exact term in Portuguese)<I>:</I></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group enters into
contracts with landowners to cultivate sugarcane on their land. These contracts have an average term of 5 years.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Under these contracts,
the Group makes payments based on the market value of sugarcane per hectare (in tons) used by the Group in each harvest, with the
market value based on the price of sugarcane published by CONSECANA and a fixed amount of total recoverable sugar per ton. Lease
expense was US$ 65 million for the year ended December 31, 2014 (2013: US$ 150 million; 2012: US$ 30.4 million). Lease expense
is included in &#147;Initial recognition and changes in fair value of biological assets and agricultural produce&#148; in the
statement of income.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 38pt; font: 10pt Times New Roman, Times, Serif"><I>Finance leases:</I></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Most of the leased assets
carried in the consolidated statement of financial position as part of a finance lease relate to long-term rental and lease agreements
for vehicles, machinery and equipment.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Obligations under
finance leases</I></B></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Lease liabilities are effectively
secured as the rights to the leased asset revert to the lessor in the event of default.</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Gross finance lease liabilities
&ndash; minimum lease payments:</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Not later than one year&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">287</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">328</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Later than one year and not later than five years</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">293</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">411</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>580</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">739</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-right: 5.75pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Future finance charges on finance leases</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Present value of finance lease liabilities</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>580</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>739</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 38pt; margin: 0pt 0">The accompanying notes are an integral part of these consolidated
financial statements.</P>

<P STYLE="text-align: center; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<FONT STYLE="font-size: 14pt"><B>Adecoagro S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Notes
to the Consolidated Financial Statements (Continued)</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>31.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Disclosure of leases and similar arrangements (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The present value of finance
lease liabilities is as follows:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 70%; margin-left: 2%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Not later than one year&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">287</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">328</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Later than one year and not later than five years</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">293</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">411</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>580</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>739</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Under the terms of the
lease agreements, no contingent rents are payable. The interest rate inherent in these finance leases is fixed at the contract
date for all of the lease term. The average interest rate on finance lease payables at December 31, 2014 was 8.77% (2013: 13.23%).</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>The Group as lessor</I></B></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Operating leases:</I></P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group acts as a
lessor in connection with an operating lease related to leased farmland. The lease payments received are recognized in profit or
loss. The lease has a term of ten years.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following amounts
have been recognized in the statement of income in the line &#147;Sales of manufactured products and services rendered&#148;:</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 80%; margin-left: 2%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 2.85pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 58%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rental income&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,523</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,446</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,735</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The future minimum
rental payments receivable under cancellable leases are as follows:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 70%; margin-left: 2%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No later than 1 year&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,486</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,458</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Later than 1 year and no later than 5 years</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,626</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,417</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Thereafter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">553</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4,112</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,428</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin: 0pt 0"></P>

<P STYLE="text-align: justify; text-indent: 18pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In September 2013, Marfrig
Argentina S.A., (&#147;Marfrig Argentina&#148;), an argentine subsidiary of Marfrig Alimentos S.A. (&#147;Marfrig Alimentos&#148;)
a Brazilian Company, notified the Group of their intention to early terminate the lease agreement entered into with the Group on
December 2009 for grazing land. The termination of the lease agreement was effective in the fourth quarter of 2013. The Group filed
an arbitration proceeding against Marfrig Argentina and Marfrig Alimentos in 2014 claiming unpaid invoices and indemnification
for early termination for US$ 23,000,000.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Finance leases:</I></P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Group does not act
as a lessor in connection with finance leases.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>32.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Group companies</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table
details the subsidiaries that comprised the Group as of December 31, 2014 and 2013:</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: middle; width: 55%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;
    </FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Activities</B></FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; padding-right: -2.8pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Country
    of </B><BR><B>incorporation </B><BR><B>and operation</B></FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ownership
    </B><BR><B>percentage </B><BR><B>held if not </B><BR><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ownership
    </B><BR><B>percentage </B><BR><B>held if not </B><BR><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Details of principal subsidiary undertakings:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Operating companies (unless otherwise stated):</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Adeco Agropecuaria S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pilag&aacute; S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.84%</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.84%</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cavok S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Establecimientos El Orden S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ba&ntilde;ado del Salado S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agr&iacute;cola Ganadera San Jos&eacute; S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Santa Regina S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agro Invest S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Forsalta S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dinaluca S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Simoneta S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Compa&ntilde;&iacute;a Agroforestal S.M.S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Adeco Agropecuaria Brasil Ltda.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Adecoagro Vale do Ivinhema Ltda.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Adecoagro Commodities Ltda.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Usina Monte Alegre Ltda.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fazenda Mimoso Ltda.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kelizer S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Uruguay</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agroglobal S.A. (f.k.a. Adecoagro Uruguay S.A.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Uruguay</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Holdings companies:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Adeco Brasil Participa&ccedil;&otilde;es S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">International Farmland Holdings LP</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">United States</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Adecoagro LP</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">United States</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ladelux S.C.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Uruguay</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Spain Holding Companies (d)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Spain</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Global Anceo S.L.U. (Note 16)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Spain</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">51%</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Global Hisingen S.L.U. (Note 16)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Spain</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">51%</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ona Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Malta</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Toba Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Malta</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;Mainly crops, rice, cattle
    and others</FONT></TD></TR>
</TABLE>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;Mainly
    sugarcane, ethanol and energy</FONT></TD></TR>
</TABLE>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;Mainly
    coffee</FONT></TD></TR>
</TABLE>
<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">(d)&nbsp;&nbsp;Comprised by: Kadesh Espa&ntilde;a
        S.L.U.; Leterton Espa&ntilde;a S.L.U.; Global Calidon S.L.U.; Global Mirabilis S.L.U.; Global Asterion S.L.U.; Global
        Acasto S.L.U.; Global Laertes S.L.U.; Global Seward S.L.U.; Global Acamante S.L.U.; Global Carelio S.L.U.; Global Pindaro
        S.L.U.; Global Pileo S.L.U.; Peak Tezas S.L.U.; Peak City S.L.U.</FONT></P></TD></TR>
</TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 14pt Times New Roman, Times, Serif"><B>Adecoagro S.A.</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notes to the Consolidated
Financial Statements (Continued)</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 2.85pt 0pt 0; font: 10pt Times New Roman, Times, Serif">(All amounts
in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>32.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Group companies (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">In June 2012, the Group completed the sale of Agricula Ganadera San Jos&eacute;
S.A. (Note 16).</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2013, the Group completed the sale of Fazenda Mimoso Ltda. (Note 16).&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2013, the Group completed the sale of Santa Regina S.A. (Note 16).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The percentage voting
right for each principal subsidiary is the same as the percentage of capital stock held. Issued share capital represents only ordinary
shares/ quotas, units or their equivalent. There are no preference shares or units issued in any subsidiary undertaking.</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">According to the laws
of certain of the countries in which the Group operates, 5% of the profit of the year is separated to constitute legal reserves
until they reach legal capped amounts (20% of total capital). These legal reserves are not available for dividend distribution
and can only be released to absorb losses. The Group&#146;s joint ventures have not reached the legal capped amounts.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 6%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>33.</B></FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Related-party transactions</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 38pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following is a
summary of the balances and transactions with related parties:&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 14%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD ROWSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Related
    party</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Relationship</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD ROWSPAN="3" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Description
    of</B></FONT><FONT STYLE="font-size: 8pt"> <BR><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>transaction</B></FONT></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Income
    (loss) included in the</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="vertical-align: bottom; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Balance
    receivable</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>statement
    of income</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(payable)/(equity)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Joint venture</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales of goods</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.432</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,231</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grupo La L&aacute;cteo</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchases of goods</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(25</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">53</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest income</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">377</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD ROWSPAN="14" STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mario Jorge de</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lemos Vieira/</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cia Agropecuaria</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Monte Alegre/</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alfenas Agricola</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ltda/ Marcelo</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Weyland Barbosa</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vieira/ Paulo</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Albert Weyland</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vieira</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Directors and</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">senior</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">management</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="3" STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of manufactured</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">products sold and</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">services rendered (ii) </FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,854</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,650</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,215</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Receivables from</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">related parties (Note 13)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">258</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payables (Note 20)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(667</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Employment</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Compensation</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">selected employess</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7,439</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7,367</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7,367</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(16,876</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(17,472</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CHS Agro</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Joint venture</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchases of goods</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">402</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payables (Note 20)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(402</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales of goods</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,824</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Services</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">70</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest income</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">49</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
of the Company.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relates
to agriculture partnership agreements (&#147;parceria&#148;).</FONT></P>



<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-4.43
<SEQUENCE>2
<FILENAME>s000878x1_ex4-43.htm
<DESCRIPTION>EXHIBIT 4.43
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="text-align: center; font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>EXPORT PREPAYMENT
FACILITY AGREEMENT</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>dated
as of</B></FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>November
5, 2014</B></FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">by
and among</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>ADECOAGRO
VALE DO IVINHEMA S.A</B></FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">as
the Borrower,</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>ADECOAGRO
BRASIL PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">and</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>USINA
MONTE ALEGRE LTDA.</B></FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">as
the Guarantors,</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>ING
CAPITAL LLC</B></FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">and</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>RABOBANK
CURA&Ccedil;AO N.V.</B></FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">as
the Mandated Lead Arrangers and Bookrunners,</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>ING
BANK N.V.</B></FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">as
the Administrative Agent &amp; Collateral Agent,</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>ING
BANK N.V., S&Atilde;O PAULO BRANCH</B></FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">as
the Brazilian Collateral Agent</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">and</FONT></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>THE
LENDERS</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">hereto</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>







<P STYLE="text-align: right; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>

<P STYLE="text-align: right; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-weight: normal">EXECUTION
VERSION</FONT></P>

<P STYLE="text-align: right; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>EXPORT PREPAYMENT FINANCE
AGREEMENT</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>EXPORT PREPAYMENT
FINANCE AGREEMENT</B> dated as of November 5, 2014 (the &#147;<B>Execution Date</B>&#148;) and executed by and among Adecoagro
Vale do Ivinhema S.A., a Brazilian corporation with its headquarters at Estrada Continental, km 15, Fazenda Takuar&ecirc;, s/n,
Zona Rural, in the city of Ang&eacute;lica, state of Mato Grosso do Sul, Brazil, enrolled with the Brazilian Corporate Taxpayer
Registry (CNPJ/MF) under No. 07.903.169/0001-09<B>&nbsp;</B>(the &#147;<B>Borrower</B>&#148;); Adecoagro Brasil Participa&ccedil;&otilde;es
S.A., a Brazilian corporation with its headquarters at Rua Iguatemi, 192, 12&ordm; andar, in the city of S&atilde;o Paulo, state
of S&atilde;o Paulo, Brazil, enrolled with the Brazilian Corporate Taxpayer Registry (CNPJ/MF) under No. 07.835.579/0001-51 (&#147;<B>Participa&ccedil;&otilde;es</B>&#148;);
Usina Monte Alegre Ltda., a Brazilian limited liability company with its headquarters at Fazenda Monte Alegre, s/n, in the city
of Monte Belo, state of Minas Gerais, Brazil, enrolled with the Brazilian Corporate Taxpayer Registry (CNPJ/MF) under No. 22.587.687/0001-46
(&#147;<B>Monte Alegre</B>&#148; and together with Participa&ccedil;&otilde;es, each a &#147;<B>Guarantor</B>&#148; and collectively,
the &#147;<B>Guarantors</B>&#148;); ING Bank N.V., a banking corporation duly organized and existing under the laws of The Netherlands,
with registered address at Bijlmerplein 888 (ING House), 1102 MG Amsterdam, The Netherlands, in the capacity of Administrative
Agent for the Lenders (the &#147;<B>Administrative Agent</B>&#148;) and in the capacity of Collateral Agent for the Lenders (the
&#147;<B>Collateral Agent</B>&#148;); ING Bank N.V., S&atilde;o Paulo Branch, a financial institution organized and existing
under the laws of the Netherlands, acting through its S&atilde;o Paulo Branch, organized and existing under the laws of the Federative
Republic of Brazil, and located at Avenida Presidente Juscelino Kubitschek, 510, 3<SUP>rd</SUP> floor, S&atilde;o Paulo, SP, Brazil
(the &#147;<B>Brazilian Collateral Agent</B>&#148;); ING Capital LLC, a company organized under the laws of the State of New
York, with its offices at 1325 Avenue of the Americas, New York, New York, United States of America and Rabobank Cura&ccedil;ao
N.V., a financial institution organized and existing under the laws of Cura&ccedil;ao, with offices at Zeelandia Office Park,
Kaya W.F.G. Mensing 14, Willemstad, Cura&ccedil;ao, as the bookrunners and mandated lead arrangers (together, the &#147;<B>Lead
Arrangers</B>&#148; and individually, each a &#147;<B>Lead Arranger</B>&#148;); and the lenders listed on the signature pages
hereof and each lender that becomes a &#147;Lender&#148; after the Execution Date pursuant to Section 11.1 hereof (individually,
a &#147;<B>Lender</B>&#148; and, collectively, the &#147;<B>Lenders</B>&#148;).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>WHEREAS:</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>A</B>.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower desires to obtain loans in the aggregate principal amount of up to US$160,000,000.00 (One Hundred Sixty Million Dollars) which the Borrower will repay through the proceeds of exports of Goods (as defined below).</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>B.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Guarantors are willing to guaranty the obligations of the Borrower to the Lenders in respect of the loans and to make certain representations, warranties and covenants to the Lenders for purposes of inducing them to make the loans to the Borrower.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>C.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On the basis of the terms and conditions specified in this Agreement, the Lenders are willing to make the loan arrangements described herein.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>NOW, THEREFORE,</B>
the parties hereto hereby agree as follows:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;DEFINITIONS</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Certain Definitions.</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unless otherwise defined above, capitalized terms used in this Agreement shall have the following meanings assigned to them:</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Adecoagro
Group </I></B>means any and/or all of the Borrower, either Guarantor and/or any existing and/or future Subsidiary of any of those
companies located in Brazil, as the case may be.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Adjusted
EBITDA</I></B> means EBITDA minus or plus changes in the fair value of biological assets unrealized, all as determined in accordance
with GAAP.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Adjusted
Repayment Amount</I></B> means, as to any date of determination within any calendar year, the aggregate principal amount of the
Loans remaining to be repaid during such calendar year minus the amount of Cash then held in the Collection Account.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Administrative
Agent&#146;s Account</I></B> means the account detailed below or such other account as the Administrative Agent may from time
to time specify in writing to the Borrower and the Lenders.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 117pt">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Corresponding Bank:</P></TD>
    <TD>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">JPMorgan Chase Bank &ndash; New York &ndash; N.Y. &ndash; U.S.A.</P></TD></TR>
</TABLE>


<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 117pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Swift address:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CHASUS33</FONT></TD></TR>
</TABLE>


<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 117pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ABA no.:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">021000021</FONT></TD></TR>
</TABLE>


<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 117pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Beneficiary&#146;s name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ING Financial Services LLC Loan Services on behalf of and for the benefit of ING Bank NV (Amsterdam Service Center)</FONT></TD></TR>
</TABLE>


<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 117pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Account number:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">066709547</FONT></TD></TR>
</TABLE>


<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 117pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Reference:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Adecoagro, 2014</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Affiliate</I></B>
means any Person directly or indirectly controlling, controlled by, or under common control with, any other Person. For this purpose,
&#147;control&#148; of any Person means the ability, directly or indirectly, to direct or cause the direction of the management
and policies of such Person, whether by contract or otherwise.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Agent
</I></B>means the Administrative Agent, the Collateral Agent and/or the Brazilian Collateral Agent, as the case may be, and Agents
means the Administrative Agent, the Collateral Agent and the Brazilian Collateral Agent.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Agent Indemnified
Party</I></B> has the meaning ascribed to it in Section 10.7.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Agreement</I></B>
means this Export Prepayment Finance Agreement, its Annexes, Exhibits and Schedules, as such may be amended, varied, novated, supplemented
or otherwise modified from time to time.</P>



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    <TD STYLE="border-bottom: black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Agricultural
and Mercantile Pledge Agreement</I></B> means the agreement or agreements (&#147;<I>Instrumento Particular de Penhor Agr&iacute;cola
e Mercantil</I>&#148;) providing for the pledge of sugar cane and resulting Goods by the Borrower to the Administrative Agent
and the Brazilian Collateral Agent, for the benefit of the Lenders, substantially in the form of <U>Annex</U> <U>G</U> hereto,
to be duly executed by the parties thereto, as amended, supplemented or otherwise modified from time to time in accordance with
the terms thereof.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Agropecu&aacute;ria</I></B>
means Adeco Agropecu&aacute;ria Brasil Ltda., a Brazilian limited liability company, enrolled with the Brazilian Corporate Taxpayer
Registry (CNPJ/MF) under No. 07.035.004/0001-54</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Alternative
Rate </I></B>means, for any Interest Period, an interest rate per annum equal to the weighted average cost of funds of the Lenders
of making, funding or maintaining the Loans, determined on the Interest Rate Determination Date prior to the first day of the relevant
Interest Period.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Applicable
Margin </I></B>means 4.40% per annum.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>ASA </I></B>means
Adecoagro S/A, a corporation established and incorporated in Luxembourg, registered with the Luxembourg tax authorities under No.&nbsp;2010&nbsp;2212&nbsp;089,
which, as of the Execution Date, is the beneficial owner of and controls (either directly or indirectly) approximately 96% of the
Capital Stock of each of the Borrower and each Guarantor.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Assets</I></B>
mean, for any Person, all assets of such Person that have been or should be recorded as such in accordance with GAAP.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Assignment
and Acceptance</I></B> means an assignment and acceptance entered into by a Lender and an assignee, and accepted by the Administrative
Agent, in substantially the form of <U>Annex</U> <U>C</U> hereto.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Assignment
and Security Agreement </I></B>means the Assignment and Security Agreement of even date herewith among the Collateral Agent, the
Borrower and the Importer pursuant to which each of the Borrower and the Importer grants to the Collateral Agent for the benefit
of the Lenders a first priority security interest in all of its right, title and interest in the U.S. Collateral and the proceeds
thereof, as such agreement may be amended, varied, novated, supplemented or otherwise modified from time to time in accordance
with the terms thereof and hereof.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Availability
Period </I></B>means the period commencing on the Execution Date and ending on (and including) the date that is one hundred (100)
days thereafter.&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Bank Debt</I></B>
means, with respect to any Person, the sum of (a) all indebtedness of such Person to financial institutions in respect of borrowed
money or advances including, but not limited to, obligations in connection with acceptance facilities and letter of credit facilities,
(b) all payment obligations, contingent or otherwise, of such Person evidenced by bonds, debentures, notes, CPRs (&#147;<I>C&eacute;dula
de Produto Rural</I>&#148;) or CDCAs (&#147;<I>Certificado de Direitos Credit&oacute;rios do Agroneg&oacute;cio</I>&#148;) or
other similar securities, (c) net liabilities arising under derivative transactions, repurchase agreements or hedging transactions,
and (d) all payment obligations of such Person as lessee under leases which shall have been or ought to be, in accordance with
GAAP, recorded as capital leases.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Borrower</I></B>
- See Preamble.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Brazil</I></B>
means the Federative Republic of Brazil.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Brazilian
Collateral Agent</I></B> &ndash; See Preamble.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Break
Funding Costs </I></B>means, with respect to any circumstances provided for in Sections 2.11, 2.13 and 2.15, the amount (if any)
of any &#147;broken funding&#148; or hedge liquidation costs and any loss premium, penalty or expense paid or payable by the
relevant Lender, in any such case that may be incurred in liquidating or reemploying funds obtained by such Lender to terminate
deposits of or borrowings from third parties in order to make, maintain or fund all or any part of the Loans.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Business
Day</I></B> means a day, other than a Saturday or Sunday, on which commercial banks and other financial institutions are not required
or authorized to close in (a) New York, New York, United States of America, (b) Amsterdam, the Netherlands, (c) S&atilde;o Paulo,
SP, Brazil, (d) Ang&eacute;lica, MS, Brazil, (e) Ivinhema, MS, Brazil, and/or (f) Campo Grande, MS, Brazil.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Capital
Stock</I></B> means any and all shares, quotas, interests, participations or other equivalents (however designated) of capital
stock of a legal entity, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants
or options to purchase any of the foregoing.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Cash </I></B>means,
as to any Person, at any time, the aggregate of all paper currency and coins, negotiable money orders and checks, bank balances
(including any investments made from current accounts with immediate liquidity), cash investments with immediate liquidity and
marketable securities which are immediately redeemable.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Change
in Law</I></B> means the occurrence, after the Execution Date, of any of the following: (a)&nbsp;the adoption or taking effect
of any law, rule, regulation or treaty, (b)&nbsp;any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any Governmental Authority or (c)&nbsp;the making or issuance of any request, rule, guideline
or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein
to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives
thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for
International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States
or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a &#147;Change in Law&#148;,
regardless of the date enacted, adopted or issued.&nbsp;</P>

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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Change
of Control</I></B> means that ASA shall cease to (a) own beneficially and control (either directly or indirectly) more than 50%
of the Borrower&#146;s issued and outstanding Capital Stock having the right to vote or other equity interests (or securities
convertible into equity interests) in the Borrower having the right to vote, and/or (b) have the power (whether by ownership of
Capital Stock, contract or otherwise) to control the management or policies of the Borrower and/or (c) own beneficially and control
(either directly or indirectly) more than 50% of Participa&ccedil;&otilde;es&#146; issued and outstanding Capital Stock having
the right to vote or other equity interests (or securities convertible into equity interests) in Participa&ccedil;&otilde;es having
the right to vote, and/or (d) have the power (whether by ownership of Capital Stock, contract or otherwise) to control the management
or policies of Participa&ccedil;&otilde;es and/or (e) own beneficially and control (either directly or indirectly) more than 50%
of Monte Alegre&#146;s issued and outstanding Capital Stock having the right to vote or other equity interests (or securities
convertible into equity interests) in Monte Alegre having the right to vote, and/or (f) have the power (whether by ownership of
Capital Stock, contract or otherwise) to control the management or policies of Monte Alegre.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Code</I></B> means
the Internal Revenue Code of 1986.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Collateral</I></B>
means all the collateral pledged or assigned or purported to be pledged or assigned pursuant to the Security Agreements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Collateral
Agent </I></B>&ndash; See Preamble.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Collateral
Amount</I></B> has the meaning ascribed to it in Section 5(l)(ii) hereof.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Collateral
Monitoring Agreement</I></B> means the agreement or agreements among the Borrower, the Collateral Monitoring Agent, and the Brazilian
Collateral Agent of approximately even date herewith providing for the inspection, monitoring of and reporting on (as set forth
more fully in such agreement) the quantity, condition and harvesting of the sugar cane, as well as the quantity of the resulting
Goods, all as pledged pursuant to the Agricultural and Mercantile Pledge Agreement.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Collateral
Monitoring Agent </I></B>means any of Control Union Warrants Ltda., SGS do Brasil Ltda., or any other international inspection
company acceptable to the Required Lenders in their sole discretion.</P>

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</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Collection Account</I></B> means account nr. NL51 INGB 0020 1279 60 of the Borrower held with the Collateral Agent in Amsterdam, the Netherlands, or such other account as may be designated in writing as such to the Administrative Agent, the Lenders and the Borrower by the Collateral Agent.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Collection
Account Pledge Agreement </I></B>means the deed of disclosed pledge over collection account receivables governed by the laws of
the Netherlands, of even date herewith, between the Collateral Agent and the Borrower pursuant to which the Borrower grants to
the Collateral Agent for the benefit of the Lenders a first priority security interest in all of its right, title and interest
in the Collection Account, and the proceeds thereof, as such agreement may be amended, varied, novated, supplemented or otherwise
modified from time to time in accordance with the terms thereof and hereof.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Commitment</I></B>
means, with respect to any Lender, the amount set forth opposite such Lender&#146;s name in <U>Schedule</U> <U>1</U>, as amended
from time to time in accordance with this Agreement or, if such Lender has entered into an Assignment and Acceptance, set forth
for such Lender in such Assignment and Acceptance as such Lender&#146;s Commitment, and recorded in the Register maintained by
the Administrative Agent as such Lender&#146;s Commitment.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Commitment
Fee</I></B> has the meaning ascribed to it in Section 2.1(c).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>CONSECANA
</I></B>means the<I> Conselho dos Produtores de Cana-de-a&ccedil;&uacute;car, A&ccedil;&uacute;car e &Aacute;lcool.</I></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Credit
Documents</I></B> means this Agreement, the Notes, the Security Agreements, the Fee Letter and any other documents and/or agreements
delivered or entered into in connection with any of the foregoing.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>CVM</I></B>
means the Brazilian Securities Commission (<I>Comiss&atilde;o de Valores Mobili&aacute;rios</I>) or, if at any time after the date
hereof such commission is not existing and performing substantially the duties performed by it on the date hereof, then the body
performing such duties at such time.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Default</I></B>
means an Event of Default or event or condition that, but for the requirement that time elapse, notice be given or a determination
be made hereunder, or any combination thereof, would constitute an Event of Default.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Disbursement
Account</I></B> means the account specified by the Borrower in each Notice of Drawdown as the account to which the proceeds of
each Drawdown should be disbursed.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Dollars,
U.S. Dollars</I></B> and the designation <B><I>US$</I></B> each means the lawful currency of the United States of America.</P>


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<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>
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<P STYLE="text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Drawdown
</I></B>means, for any Loan, the crediting by the Administrative Agent of the principal amount thereof in accordance with the instructions
in the relevant Notice of Drawdown.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Drawdown
Date</I></B> means, for any Loan, the date of the relevant Drawdown.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>EBITDA</I></B>
means, with respect to any Person, for any period, (a) net sales, minus (b) cost of goods and services sold, plus or minus (c)
the changes in the fair value of biological assets and agricultural produce, minus (d) administrative, general and sales expenses,
plus (e) the result of other net operating income, plus (f) any depreciation or amortization included in the cost of goods and
services sold or in the administrative, general and sales expenses, all as determined in accordance with GAAP.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Economic
and Trade Sanctions and Anti-Terrorism Laws</I></B> means any laws relating to economic or trade sanctions, terrorism or money
laundering, including without limitation Executive Order 13224, the Patriot Act, the regulations administered by OFAC, the Trading
with the Enemy Act (12 U.S.C. &sect;95), and the International Emergency Economic Powers Act (50 U.S.C. &sect;1701-1707).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Effective
Coverage Ratio</I></B> has the meaning ascribed to it in Section 5(l)(i).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Eligible
Off-takers</I></B> means those importers of Goods listed on Schedule 2 hereto, as such Schedule 2 may be updated by the Administrative
Agent from time to time upon written notice from the Lenders, or upon the Borrower&#146;s written request (but in such case, subject
to written approval by the Lenders), provided that such importer (a) is located in an OECD Country and (b) is not a Sanctioned
Person, nor located in an Ultra High-Risk Country. Upon approval of any new Eligible Off-taker as provided herein the Administrative
Agent is authorized by the parties hereto to update Schedule 2 hereto and, upon making such update, the Administrative Agent shall
provide copies of such updated Schedule 2 to the parties hereto.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Eligible
Off-taker Material Adverse Effect</I></B> means, with respect to any Eligible Off-taker, in each case as reasonably determined
by the Required Lenders, a material adverse effect on the business, operations, Property, or financial condition of such Eligible
Off-taker occurring after the Execution Date or, in the case of any Person that becomes an Eligible Off-taker after the Execution
Date, after the date such Person becomes an Eligible Off-taker and, in all cases, if an Eligible Off-taker becomes a Sanctioned
Person or located in an Ultra High Risk Country at any time then it shall immediately constitute an &#147;Eligible Off-taker Material
Adverse Effect&#148; and the ten (10) day notice period set forth in Section 5(l) shall not be applicable.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Environmental
Laws</I></B> means any and all national, state, provincial or municipal laws, rules, orders, regulations, statutes, ordinances,
codes, decrees or requirements of any Governmental Authority relating to or imposing liability or standards of conduct concerning
pollution or protection of human health or the environment, as now or may at any time hereafter be in effect.</P>



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<P STYLE="text-indent: 0pt; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><I>&nbsp;</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Event
of Default</I></B> has the meaning ascribed to it in Section 7.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Execution
Date</I></B> - See Preamble.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Export
Contract</I></B> means any contract entered into by and between the Borrower and the Importer, pursuant to which the Borrower sells
Goods to the Importer, with terms and conditions (including but not limited to payment and delivery terms) appropriate to support
the shipments that will be required under the Off-take Contracts to which the Importer is a party, and in form and substance acceptable
to the Collateral Agent, and for which the Collateral Agent has received a notice and acknowledgement of such assignment to it
from each of the Borrower and the Importer.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Export
Contract Collateral Amount</I></B> has the meaning ascribed to it in Section 5(l)(iii).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Export
Receivables</I></B> means all amounts due to the Borrower or the Importer from Eligible Off-takers for sales of Goods under Off-take
Contracts.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Facility
Amount</I></B> means US$160,000,000.00.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>FATCA
</I></B>means Sections 1471 through 1474 of the Code, as of the Execution Date (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>FATCA
Deduction</I></B> means a deduction or withholding from a payment under a Credit Document required by FATCA.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>FATCA
Exempt Party</I></B> means a Person that is entitled to receive payments free from any FATCA Deduction.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>FATCA
FFI</I></B> means a foreign financial institution as defined in section 1471(d)(4) of the Code which, if any Person is not a FATCA
Exempt Party, could be required to make a FATCA Deduction.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Fee Letter</I></B>
means each of the letters among the Borrower and each of the Lead Arrangers, the Administrative Agent and each of the Lenders,
dated as of the Execution Date, setting forth the agreement of the Borrower to pay certain fees and/or expenses to those parties.</P>




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</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->




<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Final
Maturity Date </I></B>means December 30, 2018. In the event that the Final Maturity Date shall be a day that is not a Business
Day, then such Final Maturity Date shall be the next preceding day that is a Business Day.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Financial
Statements</I></B> has the meaning ascribed to it in Section 3(h).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>FX Rate</I></B>
means the foreign currency exchange rate for US$/R$, for sales, at closing time on each applicable date, as published by the Central
Bank of Brazil on its website <U>http://www.bcb.gov.br/pt-br/paginas/default.aspx</U>, or any webpage which substitutes such page.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>GAAP</I></B>
means generally accepted accounting principles in Brazil, which are based on the Brazilian corporation law, the rules and regulations
issued by the CVM and the accounting standards issued by the Federal Accounting Board (<I>Conselho Federal de Contabilidade</I>
&ndash; CPC), in each case as in effect from time to time.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Goods</I></B>
means sugar and/or ethanol.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Governing
Documents </I></B>of any Person means the charter and by-laws, articles of incorporation or other organizational or governing documents
of such Person, including all shareholder agreements.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Governmental
Approval</I></B> means any consent, license, approval, order, authorization, exemption, registration, filing, opinion or declaration
from or with, notice to, or any other action by or in respect of, as the case may be, any Governmental Authority.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Governmental
Authority</I></B> means any nation or government, any state or other political subdivision thereof, any central bank (or similar
monetary or regulatory authority), any supranational authority (including the European Union and the European Central Bank) and
any entity exercising executive, legislative, judicial, regulatory or administrative authority of or pertaining to government (whether
such authority is recognized as a <I>de</I><U>&nbsp;</U><I>jure</I> government or is a <I>de</I><U>&nbsp;</U><I>facto</I> government).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Guaranteed
Obligations</I></B> has the meaning ascribed to it in Section 9.1.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Guarantor </I></B>-
See Preamble.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Hazardous
Materials </I></B>means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other
pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls,
radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental
Law.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>ICE </I></B>means
the Intercontinental Exchange.</P>



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    <TD STYLE="border-bottom: black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --> ~</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->








<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>ICE Futures
Settlement Price </I></B>means on any day in relation to sugar for delivery in any month, the price (in US$ cents per pounds weight)
for delivery of sugar in that month, or where no price is shown for that month, for delivery in the next succeeding month for which
a price is shown, in each case as quoted on the Intercontinental Exchange Sugar Nr. 11 Contract Futures Price screen, in the &#147;Last&#148;
column.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Importer</I></B>
means Agroglobal S.A., a corporation duly organized under the laws of Uruguay and registered at the Uruguayan R.U.C. (<I>Registro
&Uacute;nico de Contribuyente)</I> under No.&nbsp;21&nbsp;575900 0019.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Importer
Material Adverse Effect</I></B> means, with respect to the Importer, in each case as reasonably determined by the Required Lenders,</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a material adverse effect on the business, operations, Property, or financial condition of the Importer occurring after the Execution Date;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the Importer or any of its officers has made any representation or warranty in or in any other writing furnished pursuant to or in connection with the Assignment and Security Agreement which shall prove to have been false, incorrect or misleading in any material respect on the date when made or deemed made;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the Importer has failed to duly observe or perform any covenant, agreement or obligation contained in the Assignment and Security Agreement or any other instrument or document delivered in connection therewith;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Importer has (i) generally not, or been unable to, or has admitted in writing its inability to, pay its debts as such debts become due; (ii) made an assignment for the benefit of creditors, or petitioned or applied to any tribunal for the appointment of a custodian, receiver, trustee or other similar official for it or any substantial part of its Assets; (iii) commenced any proceeding under any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, dissolution, winding-up or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; (iv) had any such petition or application (as described in (ii) above) filed or any such proceeding (as described in (iii) above) has been commenced, against it, in which an adjudication or appointment is made or order for relief is entered, or which petition, application or proceeding is not dismissed within 45 (forty-five) days of such filing or commencement; (v) proposed to any creditor or any group of creditors of the same nature and subject to the same payment conditions, any out-of-court reorganization plan, regardless of its confirmation by the relevant court; (vi) filed for court reorganization, regardless of whether such request is granted by the relevant court; or (vii) by any act or omission indicated its consent to, approval of or acquiescence in any such petition, application or proceeding or order for relief or the appointment of a custodian, receiver or trustee for all or any substantial part of its Property;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P><!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --> ~</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any material provision of the Assignment and Security Agreement as related to the Importer has ceased, for any reason other than with the agreement of the Lenders or satisfaction in full of all the Obligations, to be in full force and effect, or the Importer shall so assert; or the Importer has asserted that it does not have any liability under the Assignment and Security Agreement; or the Assignment and Security Agreement has ceased in any material respect to give the Collateral Agent the Liens, rights, powers and privileges purported to be created thereby (including first priority perfected security interests in, and Liens on, all of the Collateral subject thereto) or the validity or enforceability of the Liens granted, to be granted, or purported to be granted, by the Assignment and Security Agreement has been contested by the Importer; and/or</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the Importer has become a Sanctioned Person, provided that in the case of this item (f) only, the ten (10) day notice period set forth in Section 5(l) shall not be applicable.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Indebtedness</I></B>
means, as to any Person, without duplication, (a) all indebtedness of such Person in respect of (i) borrowed money or advances
including, but not limited to, obligations in connection with acceptance facilities and letter of credit facilities, and (ii) the
deferred purchase price of Property or services, (b) all payment obligations, contingent or otherwise, of such Person evidenced
by bonds, debentures, notes, CPRs (&#147;<I>C&eacute;dula de Produto Rural</I>&#148;) or CDCAs (&#147;<I>Certificado de Direitos
Credit&oacute;rios do Agroneg&oacute;cio</I>&#148;) or other similar securities, (c) all direct or indirect guarantees of such
Person in respect of, and all obligations (contingent or otherwise) of such Person to any other Person for, borrowed money or for
the deferred purchase price of Property or services, (d) all obligations of such Person as lessee under leases which shall have
been or ought to be, in accordance with GAAP, recorded as capital leases, (e) all indebtedness of another Person secured by a Lien
on any Property owned by such Person, whether or not such Person has assumed or otherwise become liable for the payment thereof,
and (f) net liabilities arising under derivative transactions, repurchase agreements or hedging transactions. The Indebtedness
of any Person shall include the Indebtedness of any other Person to the extent such Person is liable therefor as a result of such
Person&#146;s ownership interest in or other relationship with such Person, except to the extent the terms of such Indebtedness
provide that such Person is not liable therefor.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Indemnified Costs</I></B>
has the meaning ascribed to it in Section 10.7.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Indemnified Parties</I></B>
has the meaning ascribed to it in Section 11.14(a).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Interest
Coverage Ratio</I></B> means, as to any Person and at any date of determination, the ratio of such Person&#146;s Adjusted EBITDA
to such Person&#146;s Net Financial Expenses, in each case as shown in such Person&#146;s financial statements as at the end
of the most recently terminated fiscal year.</P>



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    <TD STYLE="border-bottom: black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --> ~</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><I>&nbsp;</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Interest
Expense</I></B> means, with respect to any Person and for any period, the expenses of such Person incurred during such period in
relation to such Person&#146;s Indebtedness, including, without limitation, all interest, commissions, discounts and other fees
and charges payable with respect to letters of credit, surety bonds, bank financing, bond discount and losses on derivatives but
excluding losses on foreign exchange, all determined in accordance with GAAP.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Interest
Payment Date </I></B>means each March 30, June 30, September 30 and December 30. In the event that an Interest Payment Date shall
be a day that is not a Business Day, then such Interest Payment Date shall be the next succeeding day that is a Business Day.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Interest
Period </I></B>means, for each Loan, (a) initially, the period commencing on the Drawdown Date thereof and ending on (but not including)
the Interest Payment Date falling on March 30, 2015, and (b) then, each period commencing on the last day of the immediately preceding
Interest Period and ending on the next Interest Payment Date; provided, however, that no Interest Period may end after the Final
Maturity Date.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Interest
Rate Determination Date </I></B>means, for any Interest Period in respect of any Loan, the day two London Banking Days prior to
the first day of the relevant Interest Period.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Judgment Currency
</I></B>has the meaning ascribed to it in Section 11.13.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Judgment
Currency Conversion Date</I></B> has the meaning ascribed to it in Section 11.13.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Lead Arranger</I></B>
or <B><I>Lead Arrangers</I></B> &ndash; See Preamble.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Lender
</I></B>or <B><I>Lenders </I></B>- See Preamble.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Lending Office</I></B><I>&nbsp;</I>has
the meaning ascribed to it in Section 2.4.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Liabilities</I></B>
has the meaning ascribed to it in Section 11.14(a).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>LIBO Rate</I></B>
means, in respect of any Interest Period for any Loan, the rate per annum, as determined on the basis of the offered rates for
deposits in Dollars, for a period of time comparable to the Interest Period for such Loan as shown on the Reuters Page &#147;LIBOR01&#148;
(or such other page as may replace the LIBOR01 Page on Reuters for the purpose of displaying such rates) as of 11:00 a.m. (London
time) on the relevant Interest Rate Determination Date (or if such period is not shown then the linearly interpolated rate for
the two closest periods that are shown). If Reuters service is unavailable, then the rate for that date will be determined on the
basis of the offered rates for deposits in Dollars for a period of time comparable to such Interest Period which are offered by
the Reference Banks at approximately 11:00 a.m. London time on the relevant Interest Rate Determination Date. The principal London
office of each of the Reference Banks will be requested to provide a quotation of its Dollar deposit offered rate and the rate
for that date will be the arithmetic mean of the quotations received.</P>



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</TABLE>
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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --> ~</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><I>&nbsp;</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Lien</I></B>
means any lien, mortgage, assignment, pledge, hypothecation, fiduciary lien, deposit arrangement, title retention, trust, encumbrance,
security interest or other charge, or any other type of preferential arrangement, priority or other security agreement having the
practical effect of constituting a security interest, upon or with respect to any Property or other Asset, including, without limitation,
any agreement to give any of the foregoing.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Loan </I></B>or
<B><I>Loans</I></B> has the meaning ascribed to it in Section 2.1(a).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>London
Banking Day</I></B> means any day, other than a Saturday or Sunday, on which banks are not required or authorized to close in London,
England.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Margin
Stock</I></B> means &#147;margin stock&#148; within the meaning of Regulations U and X of the Board of Governors of the U.S.
Federal Reserve System (or any successor), as the same may be modified and supplemented and in effect from time to time.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Market
Value means </I></B>the amount (MV),</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 27pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in relation to the Export Contracts, Off-take Contracts and to Goods pledged under the Agricultural and Mercantile Pledge Agreement, determined by the Brazilian Collateral Agent as follows:</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 135pt; font: 10pt Times New Roman, Times, Serif">MV = Q x (P +/<B>-</B>
S-T)</P>

<P STYLE="text-align: justify; text-indent: 63pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Where:</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 63pt; font: 10pt Times New Roman, Times, Serif"><B>&#147;Q&#148;</B>
is the quantity of Goods (measured in metric tons for sugar and in cubic meters for ethanol), (i) still to be delivered under the
Export Contracts and/or the Off-take Contracts, as the case may be, or (ii) pledged under the Agricultural and Mercantile Pledge
Agreement, or if less, as confirmed in the most recent inspection report from the Collateral Monitoring Agent pursuant to the Collateral
Monitoring Agreement, as the case may be;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 63pt; font: 10pt Times New Roman, Times, Serif"><B>&#147;P&#148;
</B>is (a) for Goods for which the price has not yet been fixed under the respective Export Contracts and/or Off-take Contracts,
or where the relevant quantity is not yet subject to Export Contracts and/or Off-take Contracts, (i) in the case of sugar, the
applicable ICE Futures Settlement Price, converted to Dollars per metric ton, at the time of such calculation and for the relevant
months of delivery or, if there is no liquidity at the ICE for the relevant month of delivery, the applicable ICE Futures Settlement
Price for the month nearest to the relevant month of delivery, and (ii) in the case of ethanol, the applicable PLATTS Settlement
Price, or (b) for Goods for which the price has been fixed under the respective Off-take Contracts and/or Export Contracts, the
fixed price indicated therein as evidenced by the Borrower to the satisfaction of the Brazilian Collateral Agent (acting on the
instructions of the Required Lenders);</P>


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    <TD STYLE="border-bottom: black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --> ~</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->




<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 63pt; font: 10pt Times New Roman, Times, Serif"><B>&#147;S&#148;
</B>is any relevant premium or discount (which may be a positive or negative number), including, among others, renewable identification
numbers and freight premiums, in Dollars per metric ton (in the case of sugar) or in Dollars per cubic meter (in the case of ethanol),
as agreed to by the parties to the Export Contracts and/or Off-take Contracts, as the case may be. In the absence of such a determination
in the respective Export Contracts and/or Off-take Contracts, as the case may be, the value of this item will be deemed to be &#147;zero&#148;;
and</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 63pt; font: 10pt Times New Roman, Times, Serif"><B>&#147;T&#148;</B>,
which is applicable only for the calculation of the Market Value of Goods pledged under the Agricultural and Mercantile Pledge
Agreement and stored at inland warehouses, is the cost of transporting such Goods from such inland warehouses to the port terminal,
and shall be deemed to be the equivalent in US$ to R$ 120.00 per metric ton in the case of sugar and the equivalent in US$&nbsp;to
R$ 110.00 per cubic meter in the case of ethanol (in each case calculated at the FX Rate for the applicable calculation date);
and</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 27pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in relation to sugar cane subject to the Agricultural and Mercantile Pledge Agreement, determined by the Brazilian Collateral Agent as follows:</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 135pt; font: 10pt Times New Roman, Times, Serif">MV = Q x P</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 63pt; font: 10pt Times New Roman, Times, Serif">Where:</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 63pt; font: 10pt Times New Roman, Times, Serif"><B>&#147;Q&#148;</B>
is the quantity of sugar cane in metric tons subject to the Agricultural and Mercantile Pledge Agreement, or if less, as confirmed
in the most recent inspection report from the Collateral Monitoring Agent pursuant to the Collateral Monitoring Agreement; and</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 63pt; font: 10pt Times New Roman, Times, Serif"><B>&#147;P&#148;
</B>is the prevailing CONSECANA market price in R$ per metric ton of sugar cane for sugar cane in the fields on the date of the
most recent inspection report issued by the Collateral Monitoring Agent pursuant to the Collateral Monitoring Agreement.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Material
Adverse Effect</I></B> means (a) a material adverse effect on the business and/or financial condition, operations, or Property
of the Borrower and/or any Guarantor, (b) a material adverse effect on the validity or enforceability of any Credit Document or
the rights or remedies of any Agent or any Lender thereunder, (c) a material adverse effect on the ability of the Borrower or any
Guarantor to perform its material obligations under any Credit Document to which it is a party or (d) a material adverse effect
on any security interest granted or purported to be granted pursuant to any of the Security Agreements or the value thereof.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Minimum
Coverage Ratio</I></B> has the meaning ascribed to it in Section 5(l)(i).</P>


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    <TD STYLE="border-bottom: black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P><!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --> ~</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-indent: 0pt; margin: 0pt 0">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Monte
Alegre</I></B> - See Preamble.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Mortgaged
Properties</I></B> means the real estate listed and described on Schedule 3 hereto, including the portions of each of the following
rural properties, as such rural properties are described and defined in such Schedule 3: <I>Fazenda Dom Fabricio, Fazenda Ouro
Verde, Fazenda Bela Manh&atilde;, Fazenda &Aacute;gua Branca, Fazenda Nossa Senhora Aparecida, Fazenda Alto Alegre </I>and<I> Fazenda
Conquista</I>, as such Schedule may be updated from time to time to add additional Properties as required under Section 5(l)(i)
below.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Mortgages</I></B>
means the first and/or second rank mortgages over the Mortgaged Properties granted by the Borrower and/or Agropecu&aacute;ria to
the Lenders, including all interest in all existing and future accessions, improvements, amenities or constructions thereon.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Net Debt</I></B>
means, for any Person at any time, its Bank Debt minus its Cash.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Net Financial
Expenses </I></B>means, with respect to any Person and for any period, (a)&nbsp;Interest Expense incurred and paid in relation
to the Indebtedness of such Person, including (without duplication) (i) fees (including commitment fees), (ii)&nbsp;the interest
portion of any deferred payment obligations, (iii) all fees and charges owed with respect to letters of credit or performance or
other bonds, (iv)&nbsp;losses on derivative transactions, and (v) any amortization of debt discount, less (b) the sum of income
received from investments, interest received, other financial income, and gains on derivative transactions, but excluding gains
from foreign exchange variations, all determined in accordance with GAAP.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Net Worth</I></B>
means, as at any date for any Person, the excess of (a) its Total Assets minus (b) its Total Liabilities, as determined in accordance
with GAAP.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Note</I></B>
means each promissory note in connection with the Loans in the form of <U>Annex</U> <U>A</U> hereto, duly executed by the Borrower
and, with respect to the guarantee affixed thereon, by the Guarantors.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Notice of Drawdown</I></B>
has the meaning ascribed to it in Section 2.2(a).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;Obligation
Currency</I></B> has the meaning ascribed to it in Section 11.13.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Obligations</I></B>
mean any and all obligations of the Borrower under this Agreement and the other Credit Documents.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>OECD</I></B>
<B><I>Country</I></B> means any country which is a member of the Organization for Economic Co-operation and Development.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>OFAC</I></B>
means the Office of Foreign Assets Control of the United States Department of the Treasury.</P>


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    <TD STYLE="border-bottom: black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P><!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --> ~</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-indent: 0pt; margin: 0pt 0">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Off-take
Contract</I></B> means any contract (a) entered into by and between the Borrower or the Importer and an Eligible Off-taker pursuant
to which the Borrower or Importer, as the case may be, sells Goods to such Eligible Off-taker with terms and conditions (including
but not limited to payment and delivery terms) appropriate to support the Borrower&#146;s repayment obligations in respect of
the Loans, and in form and substance acceptable to the Collateral Agent and (b) listed on Schedule I to the Assignment and Security
Agreement, as such Schedule may be updated from time to time in accordance with the terms of the Assignment and Security Agreement.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 2.95pt 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Other&nbsp;Credit&nbsp;Parties&nbsp;Indebtedness</I>&nbsp;</B>means
any Indebtedness of the Borrower or any Guarantor (other than Indebtedness under the Credit Documents) owed to a Lender.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Other
Taxes </I></B>has the meaning ascribed to it in Section 8.2.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Participac&otilde;es</I></B>
- See Preamble.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Patriot
Act</I></B> means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001, United States Public Law 107-56.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Person</I></B>
means any individual, corporation, partnership, trust, unincorporated organization, joint stock company or other legal entity or
organization and any Governmental Authority.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>PLATTS
Settlement Price</I>&nbsp;</B>means, for any day, the settlement price (in US$ per liter) for the preceding trading day for delivery
of ethanol on a spot basis, as quoted by Platts, a division of the McGraw-Hill Financial, as shown on any such day in the &#147;prior
settle&#148; column of the page entitled Chicago Ethanol (Platts) Futures Quotes which can be found at the following internet
address:&nbsp;<U>http://www.cmegroup.com/trading/energy/ethanol/chicago-ethanol-platts-swap.html</U>.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Principal
Repayment Date</I>&nbsp;</B>means each of June 30, 2016, September 30, 2016, December 30, 2016, June 30, 2017, September 30, 2017,
December 30, 2017, June 30, 2018, September 30, 2018 and December 30, 2018. In the event that a Principal Repayment Date shall
be a day that is not a Business Day, then such Principal Repayment Date shall be the next succeeding day that is a Business Day.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Process Agent</I></B>
has the meaning ascribed to it in Section 11.8(b).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Property</I></B>
means any right of interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Reais,
Brazilian Reais</I></B> and the designation <B><I>R$</I></B> each means the lawful currency of Brazil.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-indent: 0pt; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Reference
Banks </I></B>means HSBC Bank Plc., JP Morgan Chase &amp; Co., Deutsche Bank AG and Citibank N.A., or any other bank in the London
interbank market selected by the Administrative Agent with the consent of the Borrower, such consent not to be unreasonably withheld.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Register</I></B>
has the meaning ascribed thereto in Section 11.1(d).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Relevant
Lenders</I></B> means, at any time, Lenders the sum of whose Loans outstanding hereunder is more than 45% of the sum of the Loans
outstanding hereunder, or if no such Loans are then outstanding hereunder, Lenders whose Commitments are more than 45% of the sum
of all Commitments.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Required
Lenders</I></B> means, at any time, Lenders the sum of whose Loans outstanding hereunder are more than 66.6667% of the sum of the
Loans outstanding hereunder, or if no such Loans are then outstanding hereunder, Lenders whose Commitments are more than 66.6667%
of the sum of all Commitments.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Responsible
Officer</I></B> of any Person means the Chairman, Chief Executive Officer, Chief Financial Officer, President, any Executive Director,
Director, Vice President, Treasurer or Assistant Treasurer of that Person, or any other Person who is duly authorized by the board
of directors or other governing body of that Person.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Restricted
Payment</I>&nbsp;</B>means, with respect to any Person, any dividend or other distribution (whether in cash, securities or other
Property) with respect to any equity interests in such Person (other than dividends payable solely in stock of the Person making
such dividend) or any payment (whether in cash, securities or other Property), including any sinking fund or similar deposit, on
account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such equity interests, or any
option, warrant or other right to acquire any such equity interests.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>ROF </I></B>has
the meaning ascribed thereto in Section 4.1(d).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Sanctioned
Country</I></B> means any country subject, at any time, to sanctions under the Economic and Trade Sanctions and Anti-Terrorism
Laws.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Sanctioned
Person</I></B> means, each as amended, supplemented or substituted from time to time, a country, nation, territory or Person which
is subject to Sanctions.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Sanctions</I></B>
means general trade, economic or financial restrictions, sanctions or embargoes imposed, administered or enforced from time to
time by the government of the United States of America and administered by OFAC, the United Nations Security Council, the European
Union, or a member state of the European Union, or by the government of the country in which any member of the Adecoagro Group
is located, each as amended, supplemented or substituted from time to time.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Schedule of Payments</I></B>
has the meaning ascribed thereto in Section 5(p).</P>



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</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>
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<P STYLE="text-indent: 0pt; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Security
Agreements</I></B> means the Assignment and Security Agreement, the Agricultural and Mercantile Pledge Agreement, the Mortgages,
the Collateral Monitoring Agreement, the Collection Account Pledge Agreement and any other document granting a security interest
in favor of the Administrative Agent and the Brazilian Collateral Agent, or the Collateral Agent, for the benefit of the Lenders
as collateral for the Loans or any other Obligations, as each of the foregoing may from time to time be amended, varied, novated,
supplemented or otherwise modified, renewed or restated in accordance with the terms thereof and hereof.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Shipping
Documents</I></B> means, in relation to Goods delivered by the Borrower either to an Eligible Off-taker pursuant to any Off-take
Contract or to the Importer pursuant to any Export Contract, copies of the clean bill of lading or other transport documents, an
invoice, a draft (only if payment is not to be at sight), and copies of all other documentation required for payment of an account
receivable.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>SWIFT</I></B>
means an electronic and/or other type of message sent and/or received under the Society for Worldwide Interbank Financial Telecommunication
system.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Subsidiary</I></B>
means, as to any Person, a corporation, partnership or other entity of which Capital Stock having ordinary voting power (other
than Capital Stock having such power only by reason of the happening of a contingency) to elect a majority of the board of directors
(or similar governing body) or other managers of such corporation, partnership or other entity are at the time owned, or the management
of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Taxes</I></B>
has the meaning ascribed to it in Section 8.1(a).</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Total
Assets</I></B> means, for any Person, at any time of calculation, all assets of such Person as determined in accordance with GAAP.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Total
Liabilities </I></B>means, for any Person, at any time of calculation, all liabilities of such Person, classified as such, in accordance
with GAAP.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>Ultra-High
Risk Country</I></B> means any of Cuba, Iran, North Korea, Myanmar, Sudan or Syria (and collectively, the &#147;<B>Ultra-High
Risk Countries</B>&#148;) as such list of Ultra-High Risk Countries may be modified from time to time and duly informed by the
Administrative Agent (at the request of any Lender) to the Borrower.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>U.S. Collateral</I></B>
means the rights to payment under the Export Contracts, the rights to payment under the Off-take Contracts, the Export Receivables,
the proceeds thereof and all of the other collateral described more fully in the Assignment and Security Agreement.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><B><I>U.S. Tax
Obligor</I></B> means (a) a Person which is resident for tax purposes in the United States of America; or (b) a Person some or
all of whose payments under the Credit Documents are from sources within the United States for U.S. federal income tax purposes.</P>



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<P STYLE="text-indent: 0pt; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-variant: small-caps">1.2</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><B>Other
Definitional Provisions.</B></FONT> In each Credit Document, unless otherwise indicated:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0.75in; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &#147;including&#148; is not limiting and means &#147;including without limitation&#148;.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0.75in; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
words &#147;hereof&#148;, &#147;herein&#148; and &#147;hereunder&#148; and words of similar import used in any Credit Document
shall refer to such Credit Document as a whole and not to any particular provision thereof, and Section, Annex, Schedule and Exhibit
references therein are to such Credit Document unless otherwise specified.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0.75in; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;References
to statutes are to be construed as including all statutory provisions consolidating, amending or replacing the statute to which
reference is made.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0.75in; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;References
to agreements and other contractual instruments shall be deemed to include all subsequent amendments and other modifications to
such agreements and instruments, but only to the extent that such amendments and other modifications are permitted by, or not prohibited
by, the terms of the relevant Credit Document.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0.75in; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
meaning given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0.75in; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">(f)&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise specified, in the computation of periods of time from a specified date to a later specified date, the word &#147;from&#148;
means &#147;from and including&#148; and the words &#147;to&#148; and &#147;until&#148; each mean &#147;to but excluding&#148;.
Periods of days referred to shall be counted in calendar days unless Business Days are expressly presented.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0.75in; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
accounting terms not specifically or completely defined therein shall be construed in conformity with, and all financial data (including
financial ratios and other financial calculations) required to be submitted pursuant thereto shall be prepared in English and in
conformity with, Brazilian GAAP (including principles of consolidation where appropriate) applied on a consistent basis, as in
effect from time to time.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0.75in; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Default or an Event of Default is &#147;continuing&#148; if it has not been remedied or waived.</P>


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<P STYLE="text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>2.&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE
LOANS.</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Commitments; The Loans</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></B></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each Lender agrees, severally and not jointly, subject to the terms and conditions and relying upon the representations and warranties hereinafter set forth in this Agreement, to make loans to the Borrower, in Dollars (individually, a &#147;<B>Loan</B>&#148; and collectively, the &#147;<B>Loans</B>&#148;) during the Availability Period, provided that (i) each disbursement by the Lenders in the aggregate on a Drawdown Date shall be in a minimum amount of US$40 million, or if the total amount of remaining Commitments is less than US$40 million, then the remaining amount of the Commitments, and (ii) in no event shall the total amount of such Lender&#146;s Loans exceed its Commitment. Amounts prepaid or repaid in respect of the Loans shall not be reborrowed.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Commitments, unless sooner terminated pursuant to the other terms of this Agreement, shall be automatically terminated at the Administrative Agent&#146;s close of business on the last day of the Availability Period. The Commitments once terminated may not be reinstated.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower shall pay to the Administrative Agent for distribution to the Lenders, pro rata to each Lender&#146;s Commitment, a commitment fee (the &#147;<B>Commitment Fee</B>&#148;), calculated at the annual rate of 1.452% of the total amount of the undrawn Commitments and calculated on the basis of a 360 day year for the actual number of days elapsed. The Commitment Fee shall accrue from (and including) the thirty-first (31<FONT STYLE="vertical-align: text-top">st</FONT>) day of the Availability Period to the earlier of (i) the last day of the Availability Period and (ii) the first day on which the total Commitments are fully drawn. The Commitment Fee shall be payable no later than the date that is three (3) Business Days after the earlier of (i) and (ii) above.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-variant: small-caps">&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notice
of Drawdown; Funding by Lenders.</B></FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower shall<B>&nbsp;</B>make each Drawdown by giving a notice in the form of <U>Annex</U> <U>B</U> hereto (a &#147;<B>Notice of Drawdown</B>&#148;) to the Administrative Agent during the Availability Period, which notice must contain a proposed Drawdown Date of at least three (3) Business Days after the Administrative Agent&#146;s receipt thereof but in no event can such proposed Drawdown Date be after the end of the Availability Period. If a Notice of Drawdown is received by the Administrative Agent after 9:00 am (S&atilde;o Paulo time) on any day it shall be deemed as having been received on the next Business Day. The receipt of a Notice of Drawdown by the Administrative Agent shall obligate the Borrower to borrow the aggregate principal amount of the Loans set forth in such Notice of Drawdown on the date set forth therein. The Administrative Agent shall, immediately after its receipt thereof (but in no case later than 11:00 am (S&atilde;o Paulo time) on the day that the Notice of Drawdown is received (or deemed received) by it), notify the Lenders, by electronic mail or fax of its receipt of a Notice of Drawdown, the proposed Drawdown Date and the amount of each Lender&#146;s Loan to be made. For all purposes of this Agreement each Loan shall be considered as effected upon deposit of the relevant funds in the Disbursement Account.</FONT></TD></TR>
</TABLE>


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<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each Loan shall be made by each Lender in accordance with its applicable Commitment and will be made pro rata to the total of all the Lenders&#146; Commitments; provided, however, that the failure of any Lender to make its Loan shall not in itself relieve any other Lender of its obligation to make its Loan (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to make the Loan required to be made by such other Lender).</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If the conditions precedent specified in Section 4 have been met or all the Lenders have waived the satisfaction of those that have not been met, each Lender shall make the Loan to be made by it hereunder on the proposed Drawdown Date by wire transfer to the Administrative Agent&#146;s Account (or such other account as the Administrative Agent may designate in writing to the Lenders no later than the Business Day immediately preceding the proposed Drawdown Date), in federal funds or such other immediately available funds as may then be customary for the settlement of international transactions in Dollars not later than 11:00 am (New York time). The Administrative Agent shall by 4:00 pm (S&atilde;o Paulo time), credit the amounts so received to the Disbursement Account to be used by the Borrower within ninety (90) days counted from the date of issuance of the respective ROF, for the closing of one or more foreign exchange transactions and consequent delivery of the corresponding Reais to the Borrower in Brazil. Unless the Administrative Agent shall have been notified by any Lender prior to the proposed Drawdown Date for its Loan that such Lender does not intend to make available to the Administrative Agent such Lender&#146;s Loan, the Administrative Agent may assume that each Lender has made such amount available to the Administrative Agent on the proposed Drawdown Date and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption, make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount from such Lender on demand. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent&#146;s demand therefor, the Administrative Agent shall immediately notify the Borrower and the Borrower shall within 2 (two) Business Days pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover on demand from such Lender or the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower until the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (i) if recovered from such Lender, the cost to the Administrative Agent of acquiring overnight federal funds and (ii) if recovered from the Borrower, the then applicable LIBO Rate for the Interest Period in effect plus the Applicable Margin.</FONT></TD></TR>
</TABLE>


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    <TD STYLE="border-bottom: black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each of the Borrower, the Administrative Agent and each of the Lenders acknowledges and agrees that the Loans to be made to the Borrower by the Lenders in accordance with this Section shall be a &#147;<I>Recebimento Antecipado de Exporta&ccedil;&atilde;o</I>&#148;<I>&nbsp;</I>in accordance with the relevant regulation of the Brazilian Central Bank, as amended, varied, novated, supplemented or otherwise modified from time to time. Promptly upon the receipt of the proceeds of the Loans as established in clause (c) above (and in no event more than ten (10) days thereafter), the Borrower will arrange for all necessary notifications to the Central Bank of Brazil (if any) in respect of registering the schedule of payments for the Loans.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">2.3</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Notes; Lenders&#146; Records. </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Loans made by each Lender shall be evidenced by one Note issued to each Lender and in favor of such Lender, duly executed on behalf of the Borrower and with the <I>aval</I> of each Guarantor, dated the first Drawdown Date, with the blanks appropriately filled, in an amount equal to 120% of such Lender&#146;s Commitment. As additional evidence of the indebtedness, each Lender shall maintain in accordance with its usual practice records evidencing the indebtedness of the Borrower to such Lender resulting from the Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder, and such records shall be conclusive and binding on the Borrower and the Guarantors absent manifest error, but the failure to record, or any error in so recording, any such amount in any Lender&#146;s records shall not affect the obligations of the Borrower or of any Guarantor hereunder or under its Note to make payments of principal of and interest on such Note when due.</FONT></TD></TR>
</TABLE>


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<P STYLE="margin: 0"></P>






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<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; font-size: 10pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">2.4</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Lending Offices.</B>&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Loans made by each Lender may be made from and maintained at such offices of such Lender or its Affiliates (each a &#147;<B>Lending
    Office</B>&#148;) as such Lender may from time to time designate, provided, however, that the sole designation by a Lender
    of a different Lending Office shall not entitle such Lender to claim payment of any amounts pursuant to Section 2.12, other
    than for events occurring after the date of such designation.</FONT></TD></TR>
</TABLE>
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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><B>Interest
on the Loans.</B></FONT></FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower shall pay the Administrative
    Agent for the account of the Lenders interest on the unpaid principal amount of the Loans made by each Lender, at a rate per
    annum for each Interest Period equal to the applicable LIBO Rate (as in effect from time to time) <U>plus</U> the Applicable
    Margin as notified in writing to the Borrower and the Lenders by the Administrative Agent. Each determination of an interest
    rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrower
    and the Lenders in the absence of clearly demonstrable error.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest shall be computed on the basis
    of a year of three hundred sixty (360) days for the actual number of days elapsed, counted from the relevant Drawdown Date
    of each of the Loans, and shall be payable in arrears on each Interest Payment Date. The Borrower shall pay such interest
    directly to the Administrative Agent for the benefit of the Lenders, provided that if the Borrower notifies the Administrative
    Agent by the fourth Business Day prior to the relevant Interest Payment Date that payment will not be made directly by the
    Borrower, then in such case, payment shall be made from the Collection Account as provided in Section 2.9.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.6</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Alternative Interest
    Rate For LIBO Rate.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> In the event that prior to the first
    day of an Interest Period the Relevant Lenders notify the Administrative Agent that, by reason of circumstances affecting
    the London interbank Eurodollar market, LIBOR for such period is not a broadly quoted or prevalent market standard rate utilized
    in determining the cost of funds associated with making or maintaining loans comparable to the Loans for such Interest Period,
    the Administrative Agent and the Borrower shall in good faith negotiate the substitute basis to be used instead of the LIBO
    Rate until the circumstances affecting the LIBO Rate have ceased to exist. If the Administrative Agent and the Borrower are
    unable to so agree following a period of ten (10) Business Days, then the Administrative Agent shall notify the Borrower of
    the Alternative Rate applicable to the Loans for such Interest Period, together with such supporting information as the Borrower
    may reasonably request, and such Alternative Rate shall be used in place of the LIBO Rate in calculating the interest rate
    applicable to the Loans for such Interest Period. Any Alternative Rate applied pursuant to this Section 2.6 shall cease to
    be used in place of the LIBO Rate for any Interest Period following the date that the event giving rise to the invocation
    of the Alternative Rate in accordance with this Section 2.6 no longer exists.</FONT></TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.7</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Late Payment.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    If any amount due hereunder on or in respect of the Loans or under the Notes, including principal, interest, fees, premiums,
    expenses or any other amount, is not paid when due (whether at maturity, by acceleration or otherwise), then interest shall
    accrue on such overdue amount at a rate per annum equal to the LIBO Rate applicable for a one month period (as in effect from
    time to time) <U>plus</U> the Applicable Margin <U>plus</U> two percent (2%) per annum or, if less, the highest default interest
    rate permitted by applicable law, for each day counted from the due date thereof until full and effective payment (after as
    well as before judgment). Interest accruing on overdue amounts pursuant to this Section shall be payable monthly.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.8</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Capital Adequacy.</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70.89pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If any Lender determines that any Change
    in Law affecting such Lender, regarding capital or liquidity requirements, has or would have the effect of reducing the rate
    of return on the Lender&#146;s capital as a consequence of this Agreement or any Loan made by such Lender to a level below
    that which such Lender could have achieved but for such Change in Law (taking into consideration such Lender&#146;s policies
    with respect to capital adequacy), then from time to time the Borrower will pay to such Lender such additional amount or amounts
    as will compensate such Lender for any such reduction suffered, when compared with the rate of return on such Lender&#146;s
    capital such Lender would have received if such Change in Law had not occurred.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70.89pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A certificate of a Lender setting forth
    such amount or amounts as shall be necessary to compensate such Lender or any Affiliate, as applicable, as specified in Section
    2.8(a) shall be delivered to the Borrower and shall be conclusive absent manifest error. Any such certificate shall be delivered
    to the Borrower as promptly as possible and shall be accompanied by a notice indicating the circumstances or event that resulted
    in such claim for compensation. The Borrower shall pay to the relevant Lender the amount shown as due on such certificate
    within thirty (30) days after the receipt of the same by the Borrower.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As an alternative to paying to any
    Lender affected by any Change in Law, as described above, the Borrower shall prepay the Loans at that time owed to such Lender,
    together with accrued interest thereon, and all other amounts due and payable to such Lender under this Agreement (including
    amounts due to such Lender as a result of such Change in Law up to the date such prepayment is made), provided that the Borrower&#146;s
    decision to prepay such amounts shall be communicated to the respective Lender(s) no later than ten (10) days after the receipt
    by the Borrower of the certificate mentioned in paragraph (b) above, that the Borrower obtains all Governmental Approvals
    required to make such prepayment and such prepayment is made no later than 10 days after such communication.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">2.9</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Scheduled Repayment;
    Repayment Mechanism; Collateral Agent&#146;s account.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70.89pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower shall repay the principal
    amount of the Loans in installments on each Principal Repayment Date, as follows: (i) on each of the first six (6) Principal
    Repayment Dates, US$16,000,000, (ii) on each of the next two (2) Principal Repayment Dates, US$21,333,333 and (iii) on the
    final Principal Repayment Date, US$21,333,334.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70.55pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The primary mechanism for the repayment
    of the Loans shall be through (i) the export of Goods by the Borrower to the Eligible Off-takers under the Off-take Contracts
    or (ii) the export of Goods by the Borrower to the Importer under the Export Contracts and the subsequent sale of those Goods
    by the Importer to the Eligible Off-takers under the Off-take Contracts, and in the case of both (i) and (ii) hereof the payment
    by the Eligible Off-takers in respect of the Export Receivables resulting therefrom directly to the Collection Account. The
    proceeds of such payments credited to the Collection Account shall be applied against the principal amount of the Loans and,
    if so notified by the Borrower as provided in Section 2.5(b) interest due thereon, as set forth in paragraph (c) below. The
    Borrower agrees (and has agreed with the Importer) that the payments to the Collection Account of amounts received from Eligible
    Off-takers in respect of Off-take Contracts to which the Importer is a party that are then applied against amounts due in
    respect of the Loans shall at the time of such application to the Loans constitute payments from the Importer to the Borrower
    in respect of the relevant Export Contracts pursuant to which such Goods were sold by the Borrower to the Importer. Notwithstanding
    the foregoing, the Borrower&#146;s obligation to repay the Loans and to pay all interest accruing thereon and all other Obligations
    when due in accordance with the terms hereof, including the repayment schedule set out in paragraph&nbsp;(a) above, is and
    shall remain absolute and unconditional irrespective of the existence, amount or sufficiency of Export Receivables or export
    sales of any other product by the Borrower.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70.89pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The proceeds of all payments made to
    the Collection Account shall be held by the Collateral Agent in the Collection Account until it contains an amount equal to
    100% of the principal and interest due on the next Principal Repayment Date, and provided no Event of Default has occurred
    and is continuing (if an Event of Default has occurred and is continuing the Collateral Agent and the Administrative Agent
    shall follow the procedure set forth in clause (e) below) and that the Borrower is in compliance with its obligations under
    Section 5(l) hereof both before and after such release as so certified by the Borrower to the Collateral Agent, any excess
    amounts received shall be released to the Borrower by transfer to such other account as the Borrower shall notify to the Collateral
    Agent in writing, unless the Collateral Agent has determined or been notified by any other Agent or Lender that the Borrower
    is not in compliance with its obligations under Section 5(l) below or will not be in compliance therewith after such release.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70.89pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On each Principal Repayment Date the
    Collateral Agent shall debit the Collection Account for payment of the principal and interest (but in the case of interest,
    only if the Borrower has provided notice pursuant to Section 2.5(b) to pay such interest from the Collection Account) due
    in respect of the Loans with respect to that Principal Repayment Date, as the case may be, and any fees and costs then due,
    and transfer the funds to the Administrative Agent for application in accordance with Section 2.10 hereof.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70.89pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If at any time an Event of Default
    has occurred and is continuing, then all amounts in the Collection Account shall be held by the Collateral Agent for the payment
    (either immediately or on the immediately succeeding Principal Repayment Date, at the sole discretion of the Required Lenders)
    of the outstanding amount of principal and interest on the Loans and any fees and costs then due and unpaid hereunder, subject
    to the rights as provided herein, as instructed by the Required Lenders.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70.55pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In the event that any installment of
    principal or any other amount in respect of the Loans is not paid when due, or if any principal remains outstanding on the
    Final Maturity Date, the Borrower shall immediately pay such amount to the Administrative Agent and the Lenders may demand
    payment thereof under their Notes.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.10</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Method and Application
    of Payment.</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All
    payments of principal, interest, fees and other amounts payable hereunder to be made directly by the Borrower (including without
    limitation such payments made in accordance with Section 2.5(b)) and/or to be made through transfer of proceeds from the Collection
    Account by the Collateral Agent in accordance with the mechanism provided in Section 2.9 shall be made to the Administrative
    Agent for the benefit of the Lenders at the Administrative Agent&#146;s Account, with each such payment to be made in immediately
    available Dollars, no later than noon (New York time) on the due date thereof, without counterclaim or setoff and free and
    clear of, and without any deduction or withholding for, any Taxes or other payments (except for Taxes required to be deducted
    by law and for which such payment is grossed up as provided in Section 8.1 hereof). Payments received after this time shall
    be deemed to have been received by the Administrative Agent on the following Business Day. For purposes of clarification,
    if funds are blocked or frozen upon receipt at the Administrative Agent&#146;s Account pursuant<B>&nbsp;</B>to any Economic
    and Trade Sanctions and Anti-Terrorism Laws, then such funds will not constitute payment hereunder. The Borrower (i) shall
    take all necessary steps to comply with all applicable laws and regulations (including, without limitation, applicable tax
    laws, customs regulations and foreign exchange controls) to timely make all payments of principal, interest, fees and other
    amounts payable hereunder (including, if applicable, direct payments to the Administrative Agent for the account of the Lenders
    through financial remittances from Brazil), without counterclaim or setoff and free and clear of, and without any deduction
    or withholding for, any Taxes or other payments (except for Taxes required to be deducted by law and for which such payment
    is grossed up as provided in Section 8.1 hereof), and (ii) acknowledges and agrees that it shall bear all risks, taxes, costs
    and expenses derived from such payments, including payments made by financial remittances from Brazil. Until the Borrower
    has discharged the Obligations in full, all amounts received by the Administrative Agent from the Borrower or for its account
    shall be applied by the Administrative Agent in the following way: (a) first, in discharge of any expenses or other right
    of indemnification (with respect to increased costs, taxes or otherwise) of any Agent or Lender due and payable under any
    Credit Document; (b) second, in discharge of any fees or costs then due and payable under any Credit Document; (c) third,
    in discharge of any interest (including capitalized interest) accrued, due and unpaid; (d) fourth, in repayment of the principal
    of the Loans due and unpaid, <I>pro rata</I> to the Lenders; (e) fifth, in discharge of any other Obligations then due; and
    (f) sixth, any surplus shall be paid as the Borrower may direct in writing or to the Person otherwise entitled; provided that
    in case of a Default or Event of Default that is continuing, the Administrative Agent shall retain any such surplus until
    further disposition in accordance with the terms hereof. Each payment by the Borrower to be paid to the Lenders pursuant to
    the foregoing shall be applied by the Administrative Agent pro rata according to each Lender&#146;s respective interest of
    the then aggregate principal amount of the Loans owing to the Lenders.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.11</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Illegality.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    Notwithstanding any other provision herein, if at any time any Lender shall have determined in good faith that compliance
    by such Lender with any applicable law or governmental regulation, guideline or order or interpretation thereof or change
    therein by any Governmental Authority charged with the interpretation or administration thereof or with any request or directive
    of any such Governmental Authority shall make it unlawful for such Lender to make or maintain its Loans, then, and in any
    such event, such Lender shall immediately so notify the Borrower and the Administrative Agent in writing thereof. If such
    change in circumstances occurs prior to the termination of such Lender&#146;s Commitment, then such Lender&#146;s Commitment
    and all its other obligations to the Borrower hereunder shall terminate without any indemnification in favor of the Borrower.
    If such change in circumstances occurs while any Loan of such Lender is outstanding, the outstanding amount of the Loans of
    such Lender, together with accrued interest thereon, and all other amounts payable to such Lender under this Agreement shall
    be prepaid by the Borrower immediately or, if it is permitted by the relevant law, at the end of the then current Interest
    Period. If the Borrower so requests, each affected Lender shall designate a different Lending Office for the portion of the
    Loans affected by the illegality requiring repayment by the Borrower if such designation will avoid the need for such a required
    repayment, or reduce the portion of the Loans subject to repayment, provided that moving such Loans (or the relevant portion
    thereof) to such different Lending Office is not otherwise disadvantageous to the relevant affected Lender. If the Borrower
    is required to prepay a Lender in accordance with this Section 2.11, such Lender shall, in good faith, use its commercially
    reasonable efforts to assign any amount required to be prepaid to an interested assignee identified by the Borrower if such
    assignment will avoid the need for a required prepayment.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.12</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Increased Costs.</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If any Change in Law (i) subjects any
    Lender to any tax, duty, mandatory contribution or other charge or payment of any kind whatsoever with respect to this Agreement
    or any Note, or to any extraordinary tax, or changes the basis of taxation of any payments to such Lender hereunder or under
    its Notes (except any change in the rate of tax on the overall income of such Lender imposed by the jurisdiction in which
    the principal office of such Lender, or its Lending Office, is located), or (ii) imposes, modifies or deems applicable any
    reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended
    by, any Lender, or shall impose on such Lender any other condition affecting this Agreement or any Note, and the result of
    any of the foregoing is to increase the cost to such Lender of making or maintaining its Loans, or to reduce the amount of
    any payment received or receivable by such Lender, or to impose on such Lender an obligation to make any payment to any fiscal,
    monetary, regulatory or other authority calculated on or by reference to any amount received or receivable by it under this
    Agreement or any Note, then the Borrower shall pay to such Lender, promptly upon demand, such additional amount or amounts
    as will compensate such Lender for such increased cost or reduction in the amount received or receivable.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each Lender shall notify the Borrower
    and the Administrative Agent of any event that will entitle such Lender to such additional amount or amounts pursuant to this
    Section 2.12 (and in respect of which such Lender intends to claim compensation pursuant to this Section 2.12) immediately
    after becoming aware of such event, provided, however, that failure to give any such notice shall not impair any Lender&#146;s
    rights under this Section 2.12. A certificate of such Lender setting forth the basis for the determination of such additional
    amount or amounts necessary to compensate such Lender as provided herein shall be conclusive and binding, absent manifest
    error.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As an alternative to paying to any
    Lender any additional amount as described above, the Borrower shall prepay the Loans at that time owed to such Lender, together
    with accrued interest thereon, and all other amounts due and payable to such Lender under this Agreement (including amounts
    due to such Lender as a result of such Change in Law up to the date such prepayment is made), provided that the Borrower&#146;s
    decision to prepay such amounts shall be communicated to the respective Lender(s) no later than ten (10) days after the receipt
    by the Borrower of the demand mentioned in paragraph (a) above, that the Borrower obtains all Governmental Approvals required
    to make such prepayment and such prepayment is made no later than thirty (30) days after such communication.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.13</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Indemnity</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.
    The Borrower shall indemnify each Lender against any loss, cost or reasonable expense which such Lender may sustain or incur
    as a consequence of (a) any failure by the Borrower to fulfill on the date set forth in any Notice of Drawdown the applicable
    conditions set forth in Section 4 hereof, (b) any failure by the Borrower to borrow a Loan hereunder after irrevocable notice
    of such borrowing has been given pursuant to Section 2.2, (c) any failure by the Borrower to make a prepayment of the Loans
    when required to do so hereunder or (d) any payment of a principal installment of a Loan on other than an Interest Payment
    Date, including, in each such case, any Break Funding Cost. For the purposes of this Section 2.13, &#147;loss, cost or reasonable
    expense&#148; attributable to such event means (without duplication and without limitation) any (i) Break Funding Costs and
    any loss premium, penalty, legal, regulatory or tax cost, or expense paid or payable by the Lender, in any such case that
    may result from liquidating or reemploying funds obtained by the Lender to fund such Loan and (ii) fees paid or payable by
    the Lender to terminate deposits of or borrowings from third parties in order to make, maintain or fund all or any part of
    such Loan. A certificate of any Lender setting forth in reasonable detail any amount or amounts which such Lender is entitled
    to receive pursuant to this Section and evidencing a loss suffered by such Lender of such amount or amounts shall be delivered
    to the Borrower (with a copy to the Administrative Agent) and shall be conclusive absent manifest error.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.14</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Sharing of Payments,
    Etc. </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If any Lender shall obtain any payment (whether voluntary,
    involuntary, through the exercise of any right of set-off, or otherwise) on account of the Loans owing to it (other than pursuant
    to Sections 2.8, 2.11, 2.12, 2.13, 8, 11.3 or 11.14), in excess of its ratable share of payments on account of the Loans obtained
    by all the Lenders (other than an overpayment by the Administrative Agent, in which case the relevant Lender receiving the
    overpayment shall promptly pay such overpayment amount back to the Administrative Agent for proper distribution to the other
    Lenders in order to comply with the pro rata payment provision of Section 2.10 above), such Lender shall forthwith purchase
    from the other Lenders such participations in the Loans owing to them as shall be necessary to cause such purchasing Lender
    to share the excess payment ratably with each of them; <I>provided</I>, that if all or any portion of such excess payment
    is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and each Lender shall
    repay to the purchasing Lender the purchase price therefor (to the extent of such recovery) together with an amount equal
    to such Lender&#146;s ratable share (according to the proportion of (a)&nbsp;the amount of such Lender&#146;s required repayment
    to (b)&nbsp;the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the
    purchasing Lender in respect of the total amount so recovered. The Borrower agrees that any Lender so purchasing a participation
    from another Lender pursuant to this Section&nbsp;2.14 may, to the fullest extent permitted by law, exercise all its rights
    to payment (including the right of set-off) with respect to such participation as fully as if such Lender were the direct
    creditor of the Borrower in the amount of such participation. If a Lender obtains a payment of the kind described herein as
    a result of a judgment in or settlement of an action or proceeding maintained by that Lender in any court, that Lender shall
    not be required to share the amount so obtained with any other Lender which (i) had a legal right to, but did not, join in
    that action or proceeding and (ii) was notified in writing of such action or proceeding by the relevant Lender prior to the
    start thereof.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">2.15</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Prepayment.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    The Borrower shall be entitled to prepay, in whole or in part, the principal amount of any outstanding Loan to the Administrative
    Agent for the <I>pro rata</I> benefit of each Lender, <I>provided</I> that all of the following conditions shall have been
    satisfied: (a) the prepayment shall be paid to the Lenders ratably according to the respective principal amounts of the Loan
    then being prepaid; (b) the principal amount prepaid shall be paid together with (i) accrued interest on the relevant amounts
    of the Loan then being prepaid to the date of such prepayment, (ii) any Break Funding Costs, and (iii) any amounts due pursuant
    to Section 2.13; (c) the Borrower shall have received all necessary approvals for such prepayment from all relevant Governmental
    Authorities; (d) unless the prepayment amount corresponds to the amount of the principal installment due on the immediately
    succeeding Principal Repayment Date, the prepayment shall be in the aggregate amount of at least US$2,000,000 (Two Million
    U.S. Dollars) and, if greater, in integral multiples of US$1,000,000 (One Million U.S. Dollars); and (e) the Borrower shall
    have given to each of the Lenders and the Administrative Agent not less than five (5) Business Days&#146; prior written notice
    of its intention to prepay the respective Loan, which notice shall be irrevocable and shall specify the amount being prepaid
    and the prepayment date. All principal amounts prepaid hereunder shall be applied against installments due in the order of
    maturity.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3</B>.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>REPRESENTATIONS AND WARRANTIES.
    </B>To induce each of the Lenders to make their respective Loans to the Borrower, and to induce each of the Lenders and each
    of the Agents to enter into this Agreement and each of the other Credit Documents to which it is a party, the Borrower and
    each Guarantor, jointly and severally, represent and warrant to the Agents and each Lender that:</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Corporate Existence.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It is a corporation duly organized, validly existing and
    in good standing under the laws of its jurisdiction of organization and has all requisite corporate power and authority and
    all necessary material licenses, authorizations, consents, approvals and permits to own its Properties and Assets and to conduct
    the business in which it is currently engaged, without conflict with the rights of any other Person, and is duly qualified
    and licensed as a foreign corporation in good standing in each jurisdiction where such qualification is required. Its shareholders
    have not taken any steps to authorize or institute its liquidation or dissolution.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>No Breach.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    The execution, delivery and performance of this Agreement and the other Credit Documents to which it is a party do not and
    will not (i) conflict with or result in a breach of, or require any consent under, its Governing Documents (other than consents
    which have been obtained prior to the Execution Date, are in full force and effect and with respect to which all conditions
    to be complied with have been fulfilled), (ii) violate any provision of any law, rule, regulation, order, writ, judgment,
    injunction, decree, determination or award presently in effect and applicable to it, (iii) result in a breach of or constitute
    a default under any indenture or financing or credit agreement or any other agreement, lease or instrument to which it is
    a party or by which it or its Properties are bound or affected, or (iv) result in, or require, the creation or imposition
    of any Lien upon or with respect to any of its Properties or Assets, other than pursuant to the Credit Documents. It is in
    compliance in all material respects with all applicable laws and regulations (including labor laws and regulations and pension
    laws and regulations) and the terms of all material licenses held by it or applicable to it or its Property, and is in compliance
    in all material respects with all agreements to which it is a party.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Authority; Binding Effect.</B>&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It
    has all necessary corporate or other power, authority and legal right to execute, deliver and perform its obligations under
    this Agreement and the other Credit Documents to which it is a party; the execution, delivery and performance by it of this
    Agreement and the other Credit Documents to which it is a party, and in the case of the Borrower the borrowings hereunder,
    have been duly authorized by all necessary action on its part; and this Agreement and the other Credit Documents to which
    it is a party have been duly executed and delivered by it, and constitute, its legal, valid and binding obligations, enforceable
    against it in accordance with their respective terms.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Tax Returns and Payments.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All its income and other tax returns required by law to
    be filed have been duly filed, and all taxes, assessments and other governmental charges (other than those which can be paid
    without penalty) upon it or upon any of its Properties have been paid to the extent that such taxes, assessments and other
    governmental charges have become due and payable and are not being contested in good faith. The charges, accruals and reserves
    on its books in respect of taxes are adequate in all material respects and no additional assessments exist for any year which
    exceed such reserves. There are no tax Liens filed against any of its Properties, other than those listed in Schedule 5 hereto.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Litigation</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.
    </FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There are no legal or arbitral proceedings, or any proceedings
    by or before any Governmental Authority, now pending or threatened against or affecting the Borrower or any Guarantor, either
    (i) with respect to or arising out of this Agreement, the other Credit Documents or the transactions relating hereto or thereto,
    or (ii) which, if adversely determined, could reasonably be expected to have a Material Adverse Effect.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Absence of Defaults.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No Default has occurred and is continuing.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Governmental Approvals.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No Governmental Approval (except for those that have already
    been obtained, are in full force and effect and with respect to which all conditions to be complied with have been fulfilled)
    or other act by or in respect of, any Governmental Authority, or consent or authorization of, approval by or notice to any
    other Person is required or is necessary (i) in connection with the execution, delivery and performance of this Agreement
    and the other Credit Documents, (ii) for the validity and enforceability against the Borrower and/or the Guarantors of this
    Agreement and the other Credit Documents to which it is a party, and (iii) for the availability and transfer of Dollars required
    to make payments under this Agreement and the other Credit Documents, except for: (A) those Brazilian approvals and documents
    required to be obtained in connection with the shipping of Goods from Brazil by the Borrower; (B) any further authorization
    from the Central Bank of Brazil which will enable the Borrower or the Guarantors to make remittances from Brazil for purposes
    of satisfying any of the Obligations; and (C) notices to Eligible Off-takers in connection with the assignment of credit rights
    under the Off-take Contracts under the Assignment and Security Agreement.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Financial Condition.</B>&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    audited consolidated financial statements dated as of December 31, 2013 of the Borrower and each Guarantor (the &#147;<B>Financial
    Statements</B>&#148;), including the related schedules and notes, in the reasonable opinion of their independent auditors
    fairly present the financial condition of the Borrower and its Subsidiaries and of each Guarantor and its Subsidiaries as
    of the dates and the results of their operations for the periods stated therein and have been prepared in accordance with
    GAAP, consistently applied throughout the periods involved. On the date on which such Financial Statements were prepared,
    neither the Borrower nor any Guarantor had any liabilities (contingent or otherwise) which were not disclosed thereby (or
    by the notes thereto) or reserved against therein nor any unrealized or anticipated losses arising from commitments entered
    into by it which were not so disclosed or reserved against as required under GAAP. Since December 31, 2013, there has been
    no development or event that has had or could reasonably be expected to have a Material Adverse Effect. Neither the Borrower
    nor any Guarantor has any material contingent liabilities and liabilities for taxes, or any long-term leases or unusual forward
    or long-term commitments, including, without limitation, any interest rate or foreign currency swap or exchange transaction
    or other obligation in respect of derivatives, in existence as of the Execution Date, which are not reflected in the Financial
    Statements, including the related notes thereto or which have not been disclosed to the Administrative Agent and the Lenders
    prior to the Execution Date.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Ranking.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    The obligations evidenced by each of the Credit Documents are its direct, unconditional and unsubordinated senior obligations,
    and rank and will continue to rank in order of payment at least <I>pari passu</I> with all its other obligations or Indebtedness,
    except obligations or Indebtedness mandatorily preferred by operation of applicable law.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Civil Law; No Immunity.</B>&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It
    is subject to civil and commercial law with respect to its obligations under the Credit Documents to which it is a party and
    the execution, delivery and performance of the Credit Documents to which it is a party constitute private and commercial activities
    rather than public or governmental acts. Neither it nor any of its Property or Assets has any immunity (sovereign or otherwise)
    from the jurisdiction of any court or from setoff or any legal process (whether through service or notice, attachment prior
    to judgment, attachment in aid of execution, execution or otherwise) under the laws of any jurisdiction.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Solvency.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    After giving effect to the execution and delivery of this Agreement and the making of the Loans under this Agreement: (i)
    it will not (A) be &#147;insolvent,&#148; as defined or used in any &#147;Applicable Law&#148; (as such term is defined
    below), (B) be unable to pay its debts generally as such debts become due or (C) have an unreasonably small capital to engage
    in any business or transaction, whether current or contemplated; and (ii) its obligations under this Agreement and with respect
    to the Loans will not be rendered avoidable under any Applicable Law. &#147;<B>Applicable Law</B>&#148; means any Brazilian
    bankruptcy law and any other applicable law pertaining to fraudulent transfers, corporate debt reorganization (&#147;<I>recupera&ccedil;&atilde;o
    judicial&#148;</I>) or acts voidable by creditors, as such law may be amended from time to time.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(l)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Completeness and Accuracy
    of Information.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> There is nothing that would, individually
    or in the aggregate, be reasonably likely to have a Material Adverse Effect which has not been disclosed to the Administrative
    Agent and the Lenders in writing in connection with or pursuant to the terms of this Agreement. All information supplied by
    it to the Administrative Agent and the Lenders relating to it was true and accurate in all material respects as of the date
    supplied, and did not as of such date, and does not as of the Execution Date, in each case viewed individually or in the aggregate,
    omit to state any material information necessary to make the information therein contained, in light of the circumstances
    under which such information was supplied, not misleading, it being understood that projections and <U>pro</U> <U>forma</U>
    financial information contained in the materials referenced above are based upon good faith estimates and assumptions believed
    by management of the Borrower and the Guarantors to be reasonable at the time made and were prepared with reasonable care,
    and it being understood by the Lenders that such financial information as it relates to future events is not to be viewed
    as fact and that actual results during the period or periods covered by such financial information may differ from the projected
    results set forth therein by a material amount.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(m)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Margin Stock.</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Borrower is not engaged principally, or as one of its important activities, in the business of extending credit for the purpose,
    whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of the Loans has
    been, or will be, used to buy or carry any Margin Stock.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>




<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(n)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Proper Form. </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
    Agreement and the other Credit Documents are in proper legal form under the laws of Brazil for the enforcement thereof in
    Brazil; and to ensure the legality, validity, enforceability, priority or admissibility in evidence of this Agreement and
    the other Credit Documents, it is not necessary that this Agreement, the other Credit Documents or any other document be filed,
    registered or recorded with, or executed or notarized before, any court or other authority in Brazil or that any registration
    charge or stamp or similar tax be paid on or in respect of this Agreement, the other Credit Documents or any other document
    relating to the matters covered by this Agreement and the other Credit Documents, other than as provided herein and therein
    and, provided that for the admission of any of the Credit Documents before Brazilian courts and Governmental Authorities or
    for its validity or enforceability (i) the signatures of the parties thereto signing outside Brazil should be notarized by
    a notary public licensed as such under the law of the place of signing and the signature of such notary public should be authenticated
    by a consular official of Brazil, (ii) a certified sworn translation into Portuguese of any Credit Document executed in English
    must be obtained, and (iii) the Credit Documents, together with a certified Portuguese translation of any Credit Document
    executed in English should be registered with the appropriate Registry of Deeds and Documents (<I>Registro de T&iacute;tulos
    e Documentos</I>) in Brazil.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(o)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Choice of Law</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.
    In any action or proceeding involving it that arises out of or is related to this Agreement or the other Credit Documents
    in any court of Brazil the Lenders and the Agents would be entitled to the recognition and enforcement of the choice of law
    provisions contained herein and therein<FONT STYLE="font-variant: small-caps">.</FONT></FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(p)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Security Interests</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.
    On and after the date of execution and delivery thereof, the Security Agreements create (or will create, as the case may be),
    as security for the obligations purported to be secured thereby, subject to the provisions hereof and thereof, valid and enforceable
    security interests in and Liens on all of the Collateral subject to such agreements, in favor of the Collateral Agent or the
    Brazilian Collateral Agent, as the case may be, for the benefit of the Lenders, and upon registration of such Security Agreements,
    as required herein and therein, such security interest shall become duly perfected security interests with the priority specified
    in each such Security Agreement. Each of the Borrower and Agropecu&aacute;ria has or will have, as of the date of execution
    of each Security Agreement, good title to all of its Collateral thereunder free and clear of all Liens except (i) as created
    hereunder and under such Security Agreements and (ii) the currently existing first priority Liens over the farms known as
    <I>Dom Fabricio</I> and <I>Nossa Senhora Aparecida</I>. No filings or recordings are required in order to perfect the security
    interests created hereunder or under the Security Agreements except for filings or recordings listed in such agreements, all
    of which shall have been made as required herein or as otherwise expressly provided in such agreements.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(q)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Environmental Matters.
    </B>T</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">he Properties of the Borrower and the Guarantors do not
    contain, and have not previously contained, Hazardous Materials in amounts or concentrations that constitute or constituted
    any violation of, or reasonably could give rise to any liability under, Environmental Laws that could, in the reasonable opinion
    of the Administrative Agent, be expected to have a Material Adverse Effect, and the Borrower, the Guarantors, their Properties
    and all operations at such Properties are in compliance and at all times have been in compliance in all material respects
    with all Environmental Laws, and there is no contamination at, under or about the Properties which could interfere in any
    material respect with the continued operation of such Properties or impair in any material respect the fair market value thereof.
    Neither the Borrower nor any Guarantor has, nor has assumed of any Person, any liability under any Environmental Laws that
    could, in the reasonable opinion of the Administrative Agent, be expected to have a Material Adverse Effect.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(r)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Assets</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.
    </FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It has good title to, or valid leasehold interests in, all
    its real and personal Property related to its business, except for defects in title that do not interfere with its ability
    to conduct its business as currently conducted or to utilize such Property for its intended purposes and except as permitted
    by Section 6(f). It owns or is licensed or otherwise has the right to use all of the patents, contractual franchises, licenses,
    authorizations and other rights that are reasonably necessary for the operation of its business, without conflict with the
    rights of any other Person.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(s)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Investment Company Act;
    Regulatory Limitations</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. The Borrower is not (i) an &#147;investment
    company,&#148; as defined in the Investment Company Act of 1940, as amended, or (ii) subject to any statute or regulation
    that prohibits or restricts the incurrence of obligations under this Agreement or any of the Credit Documents.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(t)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Insurance.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    It has in full force and effect insurance coverage with financially sound and reputable insurance companies that are not Affiliates
    and in such amounts and covering such risks as are usually carried by companies engaged in similar businesses and owning and/or
    operating Properties similar to those owned and/or operated by it, including, without limitation, in the case of the Borrower,
    insurance coverage for any theft, fire, accidents and similar adverse events involving and/or in any way affecting, the Goods
    which are from time to time provided as Collateral hereunder. It has not taken any action, or failed to take any action, the
    consequence or result of which, and no other event has occurred the result of which, has made or could reasonably be expected
    to make, any such insurance void, voidable or subject to any material restriction or limitation.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(u)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Withholding Taxes</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.
    There is no income, stamp or other tax, duty, impost, deduction or other charge imposed (whether by withholding or otherwise)
    by Brazil (including any political subdivision of any thereof) or any Brazilian Governmental Authority on or by virtue of
    the execution or delivery of this Agreement, any other Credit Document or any other document required to be delivered hereunder
    or thereunder.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Use of Proceeds.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    The proceeds of the Loans shall be used by the Borrower exclusively to finance costs incurred in the processing, warehousing
    and exporting of sugar cane and/or Goods used to fulfill its obligations under the Export Contracts and/or the Off-take Contracts.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(w)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Anti-Terrorism Laws</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.
    Neither the Borrower nor any Guarantor: (i) is a Sanctioned Person or has violated or is violating any Sanctions; (ii) is
    using or will use the proceeds of the Loans for the purpose of financing or making funds available directly or indirectly
    to any Sanctioned Person, to the extent such financing or provision of funds would be prohibited by Sanctions or would otherwise,
    to the knowledge and belief of the Borrower or any Guarantor, cause any Person to be in breach of Sanctions; (iii) is contributing
    or will contribute or otherwise make available directly or indirectly the proceeds of the Loans to any other Person for the
    purpose of financing the activities of a Sanctioned Person, to the extent such contribution or provision of proceeds would
    be prohibited by Sanctions or would otherwise, to the knowledge and belief of the Borrower or any Guarantor, cause any Person
    to be in breach of Sanctions; and (iv) has or will do business, enter into transactions or store with, purchase or receive
    money from, transport from/to/with, sell Goods or give money to, a Sanctioned Person.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(x)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FATCA</B>. The Borrower is not a
    FATCA FFI or a U.S. Tax Obligor.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(y)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Ultra-High Risk Countries.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neither the Borrower, any Guarantor, nor, to the best of
    their knowledge, any Persons holding any legal or beneficial interest whatsoever in the Borrower or any Guarantor (whether
    directly or indirectly) has used the proceeds of any Loan to undertake business with or have any commercial contact with any
    Person that is listed on or covered by any official sanctions or export control list maintained by any Governmental Authority
    of the United States (including OFAC) and/or the European Union or is a resident of, located in and/or incorporated under
    the laws of any Ultra-High Risk Country.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(z)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Subsidiaries</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.
    Exhibit I contains a complete and correct statement, as of the Execution Date, of all of the direct and indirect holders of
    the Capital Stock of the Borrower, the Guarantors and each of their Subsidiaries, and in each case the percentage of ownership
    held thereby.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(aa)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Foreign Corrupt Practices</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.
    Neither the Borrower, any Guarantor nor any of their respective Subsidiaries, nor any director, officer, or employee, nor,
    to the Borrower&#146;s or any Guarantor&#146;s knowledge, any agent or representative of the Borrower, any Guarantor or
    any of their Subsidiaries, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization
    or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any &#147;government
    official&#148; (including any officer or employee of a government or government-owned or controlled entity or of a public
    international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any
    political party or party official or candidate for political office) to influence official action or secure an improper advantage;
    and the Borrower, the Guarantors and their respective Subsidiaries have conducted their businesses in compliance with applicable
    anti-corruption laws and have instituted and maintain and will continue to maintain policies and procedures designed to promote
    and achieve compliance with such laws and with the representation and warranty contained herein.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONDITIONS OF THE LOANS.</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Documents.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    The obligation of the Lenders to make their respective first Loan is subject to the receipt by the Administrative Agent and
    each Lender (which may be by electronic copy from the Administrative Agent of what it has received) of each of the following
    documents, each of which shall be satisfactory to the Administrative Agent in form and substance:</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Credit Documents. </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
    applicable Credit Document (including the Note issued to each Lender in an amount equivalent to 120% of such Lender&#146;s
    Commitment, but excluding the Agricultural and Mercantile Pledge Agreement, unless required to comply with the Minimum Coverage
    Ratio (as defined in Section 5(l)(i))), and each of the documents to be executed and delivered under each of the Credit Documents,
    duly executed and delivered by all parties thereto;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Corporate Documents and
    Authorizations</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. Copies of (i) the Governing Documents of
    the Borrower, each Guarantor and Agropecu&aacute;ria, in each case duly registered with the appropriate Commercial Registry
    in Brazil, certified as of the Execution Date as complete and correct copies thereof by a Responsible Officer thereof, and
    (ii) if required by the Administrative Agent and/or by the relevant Governing Documents, the resolutions of the Board of Directors
    or other equivalent corporate act for the Borrower, each Guarantor and Agropecu&aacute;ria (together with the registration
    of each thereof with the appropriate Commercial Registry in Brazil for the Borrower, each Guarantor and Agropecu&aacute;ria)
    authorizing the execution, delivery and performance of the Credit Documents to which it is party and the transactions contemplated
    thereunder, certified as of the Execution Date as complete and correct copies thereof by a Responsible Officer thereof;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Officers&#146; Certificate</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.
    A certificate of the Borrower and each Guarantor, each substantially in the form of <U>Annex</U> <U>D</U> and <U>Annex</U>
    <U>E</U>, respectively, each dated the Execution Date and executed by a Responsible Officer thereof, in each case certifying
    as to the matters set forth therein;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Governmental And Third
    Party Approvals</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. Copies of all Governmental Approvals required
    for the making and/or maintenance of the Loans and the performance of all obligations and transactions contemplated by the
    Credit Documents, including without limitation the prior effective registration of the financial terms and conditions of the
    Loans with the Central Bank of Brazil under Module Registry of Financial Transactions (<I>M&oacute;dulo Registro de Opera&ccedil;&atilde;o
    Financeira</I>) (the &#147;<B>ROF</B>&#148;) of the Central Bank Data System (&#147;<B>SISBACEN</B>&#148;), and copies
    of all registrations, filings, approvals and consents of all other Persons necessary for the making or maintenance of the
    Loans and the enforceability, validity or effectiveness of the Credit Documents, if any, except for the issuing and filing
    by the Borrower of the relevant export declarations with SISCOMEX, which will be performed upon each shipment of Goods to
    the Importer under an Export Contract or to an Eligible Off-taker under an Off-take Contract;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Appointment of Process
    Agent</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. Satisfactory written evidence that the Process Agent
    has accepted its irrevocable appointment as the agent for the receipt of any and all legal process for the Borrower and the
    Guarantors pursuant to Section 11.8 hereof and for the Borrower pursuant to the Assignment and Security Agreement;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Opinions of Counsel.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The opinions, addressed to the Agents and the Lenders, of
    (i) Pinheiro Neto Advogados, Brazilian counsel to the Administrative Agent and to the Lenders; (ii) Landay Leblang Stern,
    special New York counsel to the Administrative Agent and (iii) Allen &amp; Overy LLP, Dutch counsel to the Collateral Agent,
    in each case covering such matters as the Agents and/or the Lenders may request including, in the case of the Brazilian legal
    opinion, the title to the Properties subject to the Mortgages;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Registration.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    Copies of UCC lien search reports from the District of Columbia showing that there are no existing UCC-1 filings over any
    of the Collateral and evidence that a UCC-1 financing statement covering the U.S. Collateral and naming the Borrower as debtor
    has been filed with the Recorder of Deeds for the District of Columbia;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Financial Statements.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A copy of the Financial Statements;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Georeferencing. </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Receipt
    by the Brazilian Collateral Agent of evidence that a georeferencing (<I>georeferenciamento</I>) certificate has been duly
    issued by the relevant Governmental Authority in respect of each Mortgaged Property and such certificate has been duly registered
    with the competent Real Estate Registry (<I>Cart&oacute;rio de Registro de Im&oacute;veis</I>), except for the Mortgaged Properties
    which (i) are not required to be georeferenced until after the last Principal Repayment Date pursuant to Brazilian Federal
    Decree No. 4.449, of October 30, 2002, as amended, or (ii) have not yet been georeferenced but, as set forth in the Mortgages,
    will be georeferenced by the Borrower or Agropecu&aacute;ria, as the case may be, within 12 (twelve) months as of the date
    of execution of such Mortgage, pursuant to Section 5(t); and</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Reports and Appraisals.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A copy of an appraisal issued no more than one hundred and
    twenty (120) days prior to the Execution Date by an appraiser acceptable to the Brazilian Collateral Agent for each of the
    Mortgaged Properties, stating that the market values of the Mortgaged Properties are at least the following: (A) for the farms
    known as <I>Bela Manh&atilde;</I>, <I>&Aacute;gua Branca</I> and <I>Ouro Verde</I>, an aggregate of at least R$33.5 million,
    (B) for the farms known as <I>Conquista</I> and <I>Alto Alegre</I>, an aggregate of at least R$114 million and (C) for the
    farms known as <I>Dom Fabricio</I> and <I>Nossa Senhora Aparecida</I>, an aggregate of at least R$45 million.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.2</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Other Conditions. </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    obligation of each Lender to make each Loan (including the first Loan) is also subject to the satisfaction (as determined
    by the Administrative Agent and the Lenders, in their sole discretion, but acting reasonably) of the following conditions
    precedent, and the delivery of a Notice of Drawdown duly executed by the Borrower shall constitute a representation by the
    Borrower and the Guarantors that each of the following conditions (other than Sections 4.2(c) and (h) below) shall have been
    satisfied on and as of the relevant Drawdown Date:</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Representations and Warranties.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The representations and warranties contained in Section
    3 of this Agreement or otherwise made by the Borrower and the Guarantors in connection with the transactions contemplated
    by this Agreement shall be correct as of the relevant Drawdown Date (both immediately before and after giving effect to the
    requested Loans) with the same effect as if made at and as of such time;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>No Prohibition. </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No
    applicable law, regulation, directive, communication or action has been imposed, issued or taken by any Person (including
    but not limited to any Governmental Authority) that would have a Material Adverse Effect or that prohibits or prevents the
    usage of the requested Loans as set forth in Section 3(v) hereof;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>No Material Adverse Effect.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In the reasonable judgment of the Administrative Agent and
    the Required Lenders there has been no Material Adverse Effect, nor in the judgment of the Administrative Agent or the Required
    Lenders has there been any material adverse change or development involving a prospective material adverse change in (i) United
    States, Brazilian, Latin American, or international financial, banking, political or economic conditions, (ii) the political,
    social, economic or financial condition of Brazil, (iii) the currency exchange rates or controls imposed by any Brazilian
    Governmental Authority applicable to Dollars or Reais, or (iv) any legislation, rules, regulations or other circumstances
    affecting financial transactions of the same nature as the one reflected by the Credit Documents;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>No Default.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    The Borrower and the Guarantors shall have performed and complied with all terms and conditions required to be performed or
    complied with by them herein prior to or on the relevant Drawdown Date, and on the relevant Drawdown Date, both immediately
    before and after giving effect to the requested Loan, there shall exist no Default;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>No Conflict</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.
    Neither the Borrower nor any Guarantor is a party to any indenture, loan, credit or other agreement that could reasonably
    be expected to have a Material Adverse Effect;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Required Fees and Expenses.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower shall have paid in full to the Agents, the
    Lead Arrangers and the Lenders all fees and expenses then due and payable in connection with this Agreement and the documents
    relating hereto (including the fees due pursuant to Section 11.3), including, without limitation, out of pocket and attorneys&#146;
    fees and expenses owed to the Agents, the Lead Arrangers and the Lenders and all amounts then due under the Fee Letter in
    the amounts agreed therein;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Security Interest</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.
    (i) The Brazilian Collateral Agent shall have received from the Borrower evidence satisfactory to the Brazilian Collateral
    Agent of the filing for registration (&#147;<I>protocolo</I>&#148;) of the Mortgages with the competent Real Estate Registries,
    (ii) the Assignment and Security Agreement has become effective in accordance with its terms to the reasonable satisfaction
    of the Collateral Agent, and (iii) the Collection Account has been opened and is operational to the satisfaction of the Collateral
    Agent; and</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Proceedings and Documents</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.
    All proceedings in connection with the transactions contemplated by this Agreement and all documents incident thereto shall
    be satisfactory in form and substance to the Administrative Agent and each Lender, and the Administrative Agent and each Lender
    shall have received all information and such original documents or certified or other copies thereof as the Administrative
    Agent or any Lender may reasonably request.</FONT></TD></TR>
</TABLE>




<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AFFIRMATIVE COVENANTS. </B>The Borrower
    and each Guarantor, jointly and severally, covenant and agree that so long as any Obligation is outstanding:</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Financial Statements.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each of the Borrower and each Guarantor will deliver to
    the Administrative Agent in sufficient quantities for distribution to each Lender:</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As soon as available, and in any event
    no later than one hundred and twenty (120) days after the end of each fiscal year, (A) the Borrower&#146;s unconsolidated
    and, if available, its consolidated balance sheet, (B) Participa&ccedil;&otilde;es&#146; consolidated balance sheet, (C)
    Monte Alegre&#146;s unconsolidated balance sheet, and (D) the <I>pro forma</I> combined unconsolidated balance sheets of
    the Borrower and Monte Alegre, in each case as of the end of their respective fiscal year and prepared in accordance with
    GAAP, together with (1) the related statement of earnings, (2) except in the case of item (D) above, changes in financial
    condition, and (3) except in the case of item (D)&nbsp;above, the figures for the previous fiscal year, and in each case accompanied
    by a report thereon of independent certified public accountants of recognized international standing selected by it and reasonably
    satisfactory to the Administrative Agent, which report shall be unqualified and shall state that such consolidated financial
    statements present fairly its financial position and the financial position of its Subsidiaries as at the dates indicated
    and the results of their operations and their changes in financial condition for the periods indicated in conformity with
    GAAP, applied on a basis consistent with prior years (except for inconsistencies required by changes in GAAP) and that the
    examination by such accountants in connection with such consolidated financial statements has been made in accordance with
    generally accepted auditing standards;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As soon as available, and in any event
    not later than seventy-five (75) days after each fiscal quarter, (A) the Borrower&#146;s unconsolidated and, if available,
    its consolidated balance sheet, (B) Participa&ccedil;&otilde;es&#146; consolidated balance sheet and (C) Monte Alegre&#146;s
    unconsolidated balance sheet, in each case as of the end of such fiscal quarter, and the related statements of earnings and
    changes in financial condition prepared in accordance with GAAP, duly certified by its chief financial officers as having
    been prepared in accordance with GAAP;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To the extent applicable, promptly
    upon their becoming available, any financial statements, reports, notices and proxy statements sent or made available generally
    by the Borrower or either Guarantor to its security holders, any regular and periodic reports and all registration statements
    and prospectuses filed by it with any securities exchange, or any comparable foreign bodies and any press releases and other
    statements made available generally by it to the public concerning material developments in its business; and</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Simultaneously with each delivery of
    the financial statements referred to in clause (i) above by the Borrower, a certificate substantially in the form of <U>Annex
    F</U> hereto, signed by a Responsible Officer of the Borrower certifying to its compliance with the covenants set forth in
    Section 5(k) below, which certificate must set forth in reasonable detail the calculations required to establish whether the
    Borrower was in compliance with such covenants.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Additional Information</B>.
    </FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It will (i) promptly after it knows or has reason to know that
    any Event of Default has occurred and is continuing, deliver to the Administrative Agent a certificate from a Responsible
    Officer thereof notifying the Administrative Agent as to the occurrence and continuance of such Event of Default, describing
    the same in reasonable detail and describing the actions that it proposes to take with respect thereto, (ii) immediately after
    it knows or has reason to know that any representation set forth in this Agreement or in any other Credit Document is untrue,
    deliver to the Administrative Agent a certificate from a Responsible Officer thereof notifying the Administrative Agent as
    to such fact, describing the same in reasonable detail and describing the actions that it proposes to take to render such
    representation true, (iii) immediately after the commencement thereof, deliver to the Administrative Agent notice in writing
    of (A) all actions, suits and proceedings before any court or Governmental Authority and (B) all arbitral proceedings in which
    it becomes involved (and in relation to which it shall obtain the necessary approvals, if any, to disclose the existence of
    such arbitral proceedings to the Administrative Agent and the Lenders), which, if determined adversely to it, would have a
    Material Adverse Effect, (iv) immediately notify the Administrative Agent in writing of any event or circumstance that could
    reasonably be expected to have a Material Adverse Effect and (v) provide such other information respecting its business, Properties,
    condition or operations, financial or otherwise, as the Administrative Agent or any Lender may reasonably request.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Inspection</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.
    </FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It will (i) comply with all inspection provisions under
    the Collateral Monitoring Agreement and (ii) permit any officers or employees of the Agents and each Lender to visit and inspect
    any of its Properties and to discuss matters pertinent to an evaluation of its credit or relating to compliance with this
    Agreement and the other Credit Documents to which it is a party with its principal officers, and to the fullest extent permitted
    by law and appropriate Governmental Authority, to review all books of record and account and any available reports or statements
    relevant thereto, all as often as they may reasonably request and during regular business hours, after seventy-two (72) hours
    prior written notice, except at any time at which an Event of Default shall have occurred and be continuing due notice shall
    not be required. The Borrower and the Guarantors hereby expressly and irrevocably authorize the Agents and each Lender to
    (i) liaise with their independent public accountants, (ii) access information relating to the Borrower and the Guarantors
    furnished to or by (or prepared by) the relevant independent public accountants, and (iii) otherwise obtain from such independent
    public accountants any information with respect to the Borrower and/or the Guarantors or their business, activities, accounts
    and books that any Agent or Lender may deem relevant or desirable in the context of the Credit Documents or this transaction.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Corporate Existence,
    Taxes and Maintenance of Properties.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> It will:</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">do or cause to be done all things necessary
    to preserve and keep in full force and effect its corporate existence, rights, franchises, licenses and permits, except where
    the failure to preserve such existence, rights, franchises, permits or licenses could not, individually or in the aggregate,
    have a Material Adverse Effect;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">promptly pay, discharge, or cause to
    be paid and discharged, all taxes, assessments and governmental charges lawfully levied or imposed upon its Property or any
    part thereof before the same shall become in default, as well as all lawful claims for labor, materials and supplies which,
    if unpaid, might become a Lien or charge upon such Property or any part thereof. It may in good faith contest any such taxes,
    assessments, charges or claims, and in the event of such contest may permit the same to remain unpaid, so long as enforcement
    of such contested item is effectively stayed during the period of such contest and it has established adequate reserves therefor
    in accordance with GAAP; and</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">maintain, preserve and keep its Properties
    which are necessary to it for the conduct of its business in good repair and working order (ordinary wear and tear excepted)
    and from time to time will make all necessary repairs, replacements, renewals and additions so that at all times the efficiency
    thereof shall be maintained.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Compliance with Laws;
    Maintenance of Approvals</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. (i) It will comply with any and
    all regulations, rules, laws and orders applicable to it, including, without limitation, (A) any and all regulations, rules,
    laws and orders pertaining to labor, social security, retirement and pension matters and (B) all regulations of the Brazilian
    Central Bank, of the <I>Conselho Monet&aacute;rio Nacional </I>and of the Brazilian tax authorities in respect of export prepayments;
    and (ii) it will maintain all Governmental Approvals required for the making and/or maintenance of the Loans and the performance
    of all obligations and transactions contemplated by the Credit Documents.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Books and Records</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.
    </FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It will keep proper books of record and account in which
    full, true and correct entries in conformity with GAAP and the requirements of applicable law shall be made of all dealings
    and transactions in relation to its business.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Insurance.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    It will maintain insurance coverage by financially sound and reputable insurers in such forms and amounts, with such deductibles
    and against such risks, as are customary for business entities of established reputation engaged in the same or a similar
    business and owning and operating similar Properties, including in the case of the Borrower, without limitation, insurance
    coverage for any theft, fire, accidents and similar adverse events involving and/or in any way affecting, the Goods.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(h)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Ranking.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    It will ensure that the obligations evidenced by each of the Credit Documents to which it is a party are its direct, unconditional
    and unsubordinated senior obligations, and rank and will continue to rank in order of payment at least <I>pari passu</I> with
    all its other obligations or Indebtedness, except obligations or Indebtedness mandatorily preferred by operation of applicable
    law.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Security Interest. </B>(</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">i<FONT STYLE="font-variant: small-caps">)
    </FONT>It shall ensure that at all times as required hereunder the Lenders, the Collateral Agent and the Brazilian Collateral
    Agent, as applicable, have a first priority perfected security interest in the Collateral pledged to them pursuant to this
    Agreement and/or the Security Agreements (it being understood that the security interest under the Mortgages and the Agricultural
    and Mercantile Pledge Agreement shall only become a duly perfected first priority security interest upon registration of such
    Mortgages and Agricultural and Mercantile Pledge Agreement as required hereunder and thereunder and that the security interest
    in the Mortgaged Properties known as <I>Dom Fabricio</I> and <I>Nossa Senhora Aparecida</I> will be second priority security
    interests until no later than December 31, 2015 and then at all times thereafter will be first priority security interests,
    it being agreed that if the Borrower evidences to the satisfaction of the Administrative Agent and the Required Lenders that
    the Borrower took, in a timely manner, all measures necessary to ensure the conversion of the second priority security interests
    in the Mortgaged Properties known as <I>Dom Fabricio</I> and <I>Nossa Senhora Aparecida </I>into first<I>&nbsp;</I>priority
    security interests no later than December 31, 2015, but that such deadline could not be complied with solely as a result of
    delays attributable exclusively to the respective Real Estate Registry (<I>Cart&oacute;rio de Registro de Im&oacute;veis</I>),
    as also evidenced to the satisfaction of the Administrative Agent and the Required Lenders, then the Administrative Agent
    and such Required Lenders may, but shall not be obliged to approve, at their sole discretion, the extension of such deadline
    for such conversion); (ii) it shall (and shall cause Agropecu&aacute;ria to) give, execute, deliver, file, and/or record,
    any financing statement, notice, instrument, document, agreement or other papers as may be necessary in the judgment of the
    Collateral Agent or the Brazilian Collateral Agent, as the case may be to create, perfect, or validate any portion of the
    security interests granted pursuant to the Security Agreements and/or hereunder or to enable the Collateral Agent and/or the
    Brazilian Collateral Agent, as the case may be, for the benefit of the Lenders, to exercise and enforce its rights hereunder
    and thereunder, and it hereby authorizes the Collateral Agent and the Brazilian Collateral Agent to each file financing statements
    and amendments thereto relative to all or any part of the Collateral without its signature to the fullest extent permitted
    by applicable law; (iii) the Borrower shall ensure that copies of the Shipping Documents for each Export Receivable are promptly
    delivered to the Brazilian Collateral Agent upon its request; (iv) the Borrower will deliver copies of the Off-take Contracts,
    together with evidence that notices of assignment of the Off-take Contracts to the Collateral Agent under the Security Agreements
    have been provided to the relevant Eligible Off-takers, and that the relevant Eligible Off-takers have provided acknowledgements
    of such assignments to the Collateral Agent; (v) the Borrower will, no later than forty (40) days after its execution, but
    in no event later than December 31, 2015 (or any earlier date as may be necessary to comply with the requirements of Section
    5(l)(i) below), deliver to the Brazilian Collateral Agent evidence satisfactory to the Brazilian Collateral Agent that the
    Agricultural and Mercantile Pledge Agreement has been executed by all parties thereto and duly registered at the appropriate
    registry office(s), together with the initial report issued by the Collateral Monitoring Agent pursuant to the Collateral
    Monitoring Agreement in respect to the sugar cane pledged thereunder in form and substance as described in such Collateral
    Monitoring Agreement (it being agreed that if the Borrower evidences to the satisfaction of the Administrative Agent and the
    Required Lenders that the Borrower took, in a timely manner, all measures necessary to ensure the due registration at the
    appropriate registry office of the Agricultural and Mercantile Pledge Agreement no later than December 31, 2015, but that
    such deadline could not be complied with solely as a result of delays attributable exclusively to the respective registry
    office, as also evidenced to the satisfaction of the Administrative Agent and the Required Lenders, then the Administrative
    Agent and such Required Lenders may, but shall not be obliged to approve, at their sole discretion, the extension of such
    deadline for such registration), and (vi) the Borrower will, by no later than December 31, 2015, deliver to the Brazilian
    Collateral Agent a new appraisal issued no earlier than ninety (90) days prior to such date by an appraiser acceptable to
    the Brazilian Collateral Agent of the Mortgaged Properties known as <I>Dom Fabricio</I> and <I>Nossa Senhora Aparecida</I>
    and indicating a market value at such time of at least R$45 million.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Further Assurances.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    It will cooperate with the Administrative Agent and each Lender and execute and deliver such further instruments, documents,
    authorizations, consents, approvals and orders in form and substance satisfactory to the Administrative Agent, as the Administrative
    Agent, on behalf of any Lender, shall reasonably request to carry out the transactions contemplated by this Agreement including,
    without limitation, to maintain the Liens under the Security Agreements for the benefit of the Lenders.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Financial Covenants.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It will ensure that in all cases in accordance with GAAP
    and based on the combined unconsolidated audited financial statements of the Borrower and Monte Alegre:</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The ratio of its Net Worth to its Total
    Assets is equal to or greater than 0.4 as of the end of each fiscal year (starting with the fiscal year ending December 31,
    2014);</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The ratio of its Net Debt to its Adjusted
    EBITDA is (A) equal to or less than 4.2 as of December 31, 2014, (B) equal to or less than 3.5 as of December 31, 2015, and
    (C) equal to or less than 3.0 as of December 31, 2016 and December 31 of each year thereafter; and</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Its Interest Coverage Ratio is equal
    to or greater than 3.0 as of the end of each fiscal year (starting with the fiscal year ending December 31, 2014).</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(l)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Collateral Coverage.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It will ensure that:</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The aggregate of (A) the Market Value
    of the sugar cane subject to the Agricultural and Mercantile Pledge Agreement and (B) ninety (90%) per cent of the market
    value of the Mortgaged Properties over which a first priority security interest has been provided to the Brazilian Collateral
    Agent, for the benefit of the Lenders, pursuant to the Mortgages (as such market value is determined pursuant to the most
    recent appraisal issued by an appraiser acceptable to the Brazilian Collateral Agent), shall be equivalent to at least the
    following percentage of the aggregate outstanding principal amount of Loans during each of the following periods (each such
    percentage the &#147;<B>Minimum</B> <B>Coverage Ratio</B>&#148;):</FONT></TD></TR>
</TABLE>
<BR>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE><BR>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font-size: 10pt; width: 83%">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Period</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Minimum
    <BR> Coverage Ratio</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>From</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>To</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 36%; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">First
    Drawdown</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 34%; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December
    31, 2015</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 30%; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January
    1, 2016</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June
    30, 2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">67%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July
    1, 2016</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September
    30, 2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">75%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">October
    1, 2016</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December
    31, 2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">84%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January
    1, 2017</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June
    30, 2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">96%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July
    1, 2017</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September
    30, 2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">112%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">October
    1, 2017</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December
    31, 2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">135%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January
    1, 2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June
    31, 2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">169%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July
    1, 2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September
    30, 2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">253%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">October
    1, 2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Full
    Repayment</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">507%</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Brazilian Collateral
        Agent shall, on a weekly basis, calculate the ratio of (1) the aggregate of items (A) and (B) above to (2) the aggregate
        outstanding principal amount of the Loans (such ratio being the &#147;<B>Effective Coverage Ratio</B>&#148;), and if
        the Brazilian Collateral Agent should determine at any time and from time to time that the Effective Coverage Ratio has
        been reduced, for whatever reason, to a level which is more than five (5) percentage points lower than the Minimum Coverage
        Ratio for the respective period, then (X) the Brazilian Collateral Agent shall promptly inform the Lenders and the Borrower
        and (Y) within fifteen (15) days following written demand by the Brazilian Collateral Agent, the Borrower shall (a) pledge
        additional sugar cane and/or Goods under the Agricultural and Mercantile Pledge Agreement and/or (b) provide mortgages
        over additional land, in each case as acceptable to the Brazilian Collateral Agent, and/or (c) prepay part of the outstanding
        Loans, to ensure that the Minimum Coverage Ratio is duly complied with. In order to calculate the Effective Coverage Ratio
        on any date, amounts expressed in Reais shall be converted to Dollars at the FX Rate for such date.</FONT></P></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">From March 31 of each calendar year
    (starting with March 31, 2016) until the end of such calendar year, the aggregate Market Value of the Goods remaining to be
    supplied and paid for under Off-take Contracts prior to the end of such calendar year (but multiplied by 0.833333 if the purchase
    price of such Goods has not been fixed<FONT STYLE="color: #0082bf">&nbsp;</FONT>in accordance with the terms of the respective
    Off-take Contract) (such amount being the &#147;<B>Collateral Amount</B>&#148;), shall be equal to or greater than the Adjusted
    Repayment Amount, provided that if the Collateral Agent determines at any time and from time to time during such period that
    the Collateral Amount is less than ninety (90%) percent of the Adjusted Repayment Amount, then within fifteen (15) days following
    written demand by the Brazilian Collateral Agent, the Borrower shall provide additional Off-take Contracts and/or amend the
    existing Off-take Contracts to ensure that the Collateral Amount equals or exceeds the Adjusted Repayment Amount. For the
    purposes of the foregoing, as of the date that is ten (10) days after written notice to the Borrower from the Administrative
    Agent, acting at the direction of the Required Lenders, that an Eligible Off-taker Material Adverse Effect and/or an Importer
    Material Adverse Effect has occurred and is continuing in respect of a particular Eligible Off-taker and/or the Importer,
    as the case may be, all Off-take Contracts with such Eligible Off-taker, and/or to which the Importer is a party, as the case
    may be, shall not be considered as Off-take Contracts for purposes of this Section 5(l) until such time as such Eligible Off-taker
    Material Adverse Effect and/or Importer Material Adverse Effect, as the case may be, has been declared by the Administrative
    Agent, acting at the direction of the Required Lenders, to be terminated by written notice to the Borrower; and</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To the extent that the Off-take Contracts
    which make up the Collateral Amount as described in paragraph (ii) above include, at any time, one or more Off-take Contracts
    to which the Importer is a party, then the aggregate Market Value of the Goods remaining to be supplied and paid for under
    Export Contracts prior to the end of the Repayment Window in such calendar year (but multiplied by 0.833333 if the purchase
    price of such Goods has not been fixed in accordance with the terms of the respective Export Contract Contract) (such amount
    being the &#147;<B>Export Contract Collateral Amount</B>&#148;), shall, at such time, be equal to at least 99% of the Collateral
    Amount represented by such Off-take Contracts to which the Importer is a party, provided that if the Collateral Agent determines
    at any time and from time to time that the Export Contract Collateral Amount is less than ninety (90%) percent of the amount
    required as described above, then within fifteen (15) days following written demand by the Brazilian Collateral Agent, the
    Borrower shall provide additional Export Contracts and/or amend the existing Export Contracts to ensure that the Export Contract
    Collateral Amount equals or exceeds the amount required as described above. For the avoidance of doubt, at all times when
    the Off-take Contracts which make up the Collateral Amount as described in paragraph (ii) above do not include Off-take Contracts
    to which the Importer is a party, no Export Contracts will need to be provided.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(m)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Material Contracts.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    It will fully perform its obligations under, and maintain in full force and effect during its stated term, each existing and
    future agreement or instrument to which it is a party or by which it is bound (including, without limitation, the Credit Documents
    to which it is a party), except where the failure to so perform or so maintain in full force and effect would not have, individually
    or in the aggregate, a Material Adverse Effect.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(n)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Environmental Laws.</B>&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It
    will comply in all respects with all applicable Environmental Laws and obtain and comply in all respects with, and maintain,
    any and all licenses, approvals, registrations or permits required by applicable Environmental Laws. The Borrower undertakes,
    pursuant to the Mortgages, within 12 (twelve) months as of the execution of each Mortgage, at its own expense, to create and
    formalize any and all permanent preservation and legal reserve areas that have not yet been created in the Mortgaged Properties,
    pursuant to the applicable Environmental Law.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(o)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Use of Proceeds.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    The proceeds of the Loans shall be used by the Borrower exclusively to finance costs incurred in the processing, warehousing
    and exporting of sugar cane and/or Goods used to fulfill its obligations under the Export Contracts and/or the Off-take Contracts.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(p)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Central Bank Registry.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower will ensure that the Schedule of Payments (<I>Esquema
    de Pagamento</I>) (&#147;<B>Schedule of Payments</B>&#148;) evidencing the repayment schedule of each of the Loans hereunder
    shall be registered and in effect under SISBACEN no later than 10 (ten) days prior to the first Interest Payment Date. The
    Borrower will maintain the ROF and the Schedule of Payments in full force and effect. Within five (5) days after the registration
    of the Schedule of Payments with SISBACEN as set forth in the preceding sentence, the Borrower shall send a complete copy
    of the relevant ROF (containing the Schedule of Payments) to the Administrative Agent and the Lenders.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(q)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Compliance with Anti-Terrorism
    Laws.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Neither the Borrower nor any Guarantor will (i) conduct
    business with or engage in any transaction with any Sanctioned Person; (ii) contribute or otherwise make available the proceeds
    of any Loan, directly or indirectly, to any Person (whether or not related to any member of its group of companies) for the
    purpose of financing the activities of any Sanctioned Person, to the extent such contribution or provision of proceeds would
    be prohibited by Sanctions or would otherwise, to the knowledge and belief of the Borrower or relevant Guarantor, cause any
    Person to be in breach of Sanctions; or (iii) fund all or part of any repayment of the Loans out of proceeds derived from
    transactions which would be prohibited by Sanctions or would otherwise cause any Person to be in breach of Sanctions. The
    Borrower and the Guarantors will ensure they have appropriate controls and safeguards in place to comply with the foregoing.
    The Borrower and the Guarantors hereby authorize and consent to the Agents and the Lenders taking any and all steps they deem
    necessary, in their sole discretion, to comply with all applicable laws with respect to any such Sanctions, including, without
    limitation, the requirements of the relevant Economic and Trade Sanctions and Anti-Terrorism Laws (including the &#147;freezing&#148;
    and/or &#147;blocking&#148; of assets). The Borrower and the Guarantors will comply at all times with the requirements of
    all applicable economic or trade sanctions, terrorism or money laundering laws and will ensure that neither the Agents nor
    the Lenders will be subject to any adverse consequences under any such laws applicable to any Agent or any Lender as a consequence
    of its entry into and/or performance of the transactions contemplated by this Agreement. The Borrower shall ensure that its
    sale and delivery of Goods to the Eligible Buyers shall not involve any transshipments at any seaport or airport located in
    any Sanctioned Country. Upon any Agent&#146;s or any Lender&#146;s request from time to time during the term of this Agreement,
    the Borrower will deliver a certification confirming its compliance with the covenants set forth in this Section 5(q).</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(r)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FATCA.</B> The Borrower will ensure
    that it will not become a FATCA FFI or a U.S. Tax Obligor.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(s)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Ultra-High Risk Countries.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neither the Borrower, any Guarantor, nor, to the best of
    their knowledge, any Persons holding any legal or beneficial interest whatsoever in the Borrower or any Guarantor (whether
    directly or indirectly) shall use funds obtained under any Loan in connection with this Agreement to undertake business or
    have any commercial contact with any Person that (a) is listed on or covered by any official sanctions or export control list
    maintained by any Governmental Authority of the United States (including OFAC) and/or the European Union or (b) which is a
    resident of, located in and/or incorporated under the laws of any Ultra-High Risk Country. The Borrower shall ensure that
    (i) its sale and delivery of Goods sold under the Off-take Contracts to the Eligible Off-takers and to the Importer under
    the Export Contracts, the Export Receivables resulting from which will be applied to the payment and/or repayment of amounts
    due and payable hereunder, shall not involve any transshipments at any seaport or airport located in any Ultra-High Risk Country,
    and (ii) no funds received in the Collection Account relate to any shipment of Goods sold under the Off-take Contracts or
    the Export Contracts by the Borrower to any Ultra-High Risk Country (as may be evidenced in the respective Shipping Documents),
    and hereby declares its understanding and acceptance of the fact that in the case of both (i) and (ii) above, under no circumstances
    may funds which relate to any such shipment of Goods be utilized for the payment or repayment of any amounts due hereunder.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(t)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Georeferencing. </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Borrower shall, and shall, as the case may be, cause Agropecu&aacute;ria to provide to the Brazilian Collateral Agent at the
    Borrower&#146;s own expense and no later than the date which is twelve (12) months after the date of execution of the Mortgages,
    evidence satisfactory to the Brazilian Collateral Agent and the Required Lenders that those Mortgaged Properties which had
    not, at the time of execution of the Mortgage, been duly georeferenced as required pursuant to Law nr. 10.267 of August 28&nbsp;,&nbsp;2001
    and Decree nr. 4.449 of October 30,&nbsp;2002, as amended by Decree nr. 7.620 of November 21,&nbsp;2011, have been duly georeferenced
    (such evidence to include, but not be limited to, the due recording of such georeferencing in the registration of the respective
    Mortgaged Property at the respective Real Estate Registry (<I>Cart&oacute;rio de Registro de Im&oacute;veis</I>)), it being
    agreed that if the Borrower evidences to the satisfaction of the Brazilian Collateral Agent and the Required Lenders that
    the Borrower (or Agropecu&aacute;ria, as the case may be) took, in a timely manner, all measures necessary to ensure the finalization
    of the georeferencing of the respective Mortgaged Properties prior to the deadline established above, but that such deadline
    could not be complied with solely as a result of delays attributable exclusively to the respective Governmental Authority
    (including, but not limited to the <I>Instituto Nacional de Coloniza&ccedil;&atilde;o e Reforma Agr&aacute;ria &ndash; INCRA),
    </I>and/or the respective Real Estate Registry (<I>Cart&oacute;rio de Registro de Im&oacute;veis</I>), as also evidenced to
    the satisfaction of the Brazilian Collateral Agent and the Required Lenders, then the Administrative Agent and such Required
    Lenders may, but shall not be obliged to approve, at their sole discretion, the extension of such deadline for the conclusion
    of such georeferencing.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NEGATIVE COVENANTS.</B> The Borrower
    and each Guarantor, jointly and severally, agree that, so long as any Obligations are outstanding, it will not:</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Transactions with Affiliates.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Enter into any transaction or series of related transactions
    with any Affiliate thereof, other than in the ordinary course of its business and on terms and conditions substantially as
    favorable to it as would reasonably be obtained at that time in a comparable arm&#146;s length transaction with a Person
    other than such Affiliate; provided that intercompany Indebtedness between the Borrower and any Guarantor, or between the
    Guarantors shall be permitted provided that such Indebtedness shall be undertaken on an &#147;arm&#146;s length basis&#148;,
    and shall not exceed US$&nbsp;20,000,000 (twenty million United States dollars) (or equivalent in other currencies) in aggregate
    principal amount outstanding at any time, and provided further that the Borrower and each Guarantor will be permitted, without
    limitation, to guarantee each other&#146;s Indebtedness and the Indebtedness of any other company of the Adecoagro Group,
    but not the Indebtedness of any other Person.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Mergers, Corporate Reorganization.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i) Enter into any merger, consolidation, or amalgamation,
    except for any merger, consolidation or amalgamation in which it is the surviving party and there is no Change of Control
    or if it is not the surviving entity then there is no change in the ultimate beneficial ownership of the entity that is the
    surviving entity (from the ultimate beneficial ownership of the entity that is not the survivor) and the surviving entity
    assumes all obligations of the entity being absorbed by it, or (ii) liquidate, wind up or dissolve itself (or suffer any liquidation
    or dissolution), or (iii) enter into any reorganization or corporate restructuring, except if such reorganization or corporate
    restructuring involves exclusively companies of the Adecoagro Group and does not result in a Change of Control.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Disposition of Assets.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In a single transaction or in a series of transactions,
    sell, transfer, assign or dispose, in any way, of all or any part of its Property or Assets, other than (A) the sale of machinery
    and/or equipment utilized in the normal course of business, provided that such machinery and/or equipment is replaced within
    a reasonable period of time with similar machinery and/or equipment of equal or greater value, and (B) sales of inventory
    in the ordinary course of business.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Change in Nature of Business;
    Governing Documents Etc.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> (i) Make any material change in
    the nature of its business as carried on at the Execution Date or (ii) amend, modify or change any of its Governing Documents,
    or any agreement entered into by it with respect to its Capital Stock, or enter into any new agreement with respect to its
    Capital Stock, if in the case of this clause (ii) it has, or would be reasonably likely to have, a Material Adverse Effect.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Limit on Accounting Changes.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Make any change in accounting treatment or reporting practices,
    change its fiscal year or promote any revaluation of its Assets, except as permitted by GAAP.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Liens.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    Create, incur, assume or permit to exist any Liens on or with respect to its Property or Assets, except (i) Liens pertaining
    to judgments under appeal in good faith by appropriate proceedings, in relation to which adequate provisions are being held
    by the appropriate Person, (ii) Liens for taxes not required to be paid but properly reserved against, (iii) mechanics, carriers&#146;,
    warehousemen&#146;s and similar Liens imposed by law arising in the ordinary course of business and securing sums not past
    due and Liens of a like nature, (iv) Liens incurred by it in connection with capital expenditure financing, provided in each
    case such Lien covers only the Assets resulting from such financing and does not secure Indebtedness other than such specific
    capital expenditure financing, (v) any Lien in connection with workers&#146; compensation, unemployment insurance or other
    similar social security legislation, (vi) easements, rights of way, restrictions, minor defects or irregularities in the title
    and other similar charges or encumbrances on real property not interfering in any material respect with its business, and
    incurred in the ordinary course of business, (vii) Liens securing hedging obligations under hedging agreements entered into
    in the ordinary course of business and not for speculative purposes, (viii) Liens over its Property, Assets, inventory, cash
    deposits, investments, sugar cane and/or receivables, other than any of the Collateral, securing its obligations under any
    lines of credit or working capital facility or in connection with any structured export or other trade finance transaction,
    provided that the value of such Property, Assets, inventory, cash deposits, investments, sugar cane and/or receivables subject
    to such Liens is not greater than 115% of the financing which they guarantee at any time, (ix) Liens existing on the Execution
    Date and listed in Schedule 4 hereto, (x) Liens in favor of the Collateral Agent or the Brazilian Collateral Agent for the
    benefit of the Lenders for purposes of securing the Obligations, and (xi) Liens in favor of (A) <I>Banco Nacional de Desenvolvimento
    Econ&ocirc;mico e Social</I> - BNDES (including loans from <I>Financiadora de Estudos e Projectos</I> - FINEP), directly or
    indirectly, Banco do Brasil, Banco do Nordeste do Brasil S.A. or any other Brazilian federal, regional or state governmental
    development bank or credit agency or (B) any international or multilateral development bank, government-sponsored agency,
    export-import bank or official export-import credit insurer, in each of cases (A) and (B), in connection with the financing
    of the acquisition and/or reformation of fixed assets, and in which cases the respective Lien is provided only over the fixed
    asset(s) in question and does not secure other Indebtedness.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Restricted Payments.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Declare or make, or agree to pay or make, directly or indirectly,
    any Restricted Payment, if at such time an Event of Default has occurred and is continuing or an Event of Default would result
    from such payment being declared or made.</FONT></TD></TR>
</TABLE>




<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EVENTS OF DEFAULT. </B><FONT STYLE="font-weight: normal">If:</FONT></FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower or any Guarantor shall
    (i) fail to pay any principal of any Loan when due or (ii) fail to pay any interest on any Loan or any other obligation payable
    by it hereunder or under any other Credit Document when due; or</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower or any Guarantor shall
    fail to duly observe or perform (i) any covenants, agreements or obligations contained in Sections 5 or 6 of this Agreement
    or in any of the Security Agreements, or (ii) any other covenants, agreements or obligations contained in this Agreement (other
    than as provided in subsections 7(a) and 7(b)(i)), or any other instrument or document delivered in connection herewith and
    in the case of this item (ii) only such failure continues for a period of ten (10) days after the earlier of (A) the date
    on which the Borrower or the relevant Guarantor gives notice to the Administrative Agent of such failure and (B) the date
    on which written notice of such failure shall have been given to the Borrower or the relevant Guarantor, as the case may be,
    by any of the Lenders; or</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower or any Guarantor or any
    of their officers, have made any representation or warranty herein or in any other writing furnished pursuant to or in connection
    with this Agreement or any of the other Credit Documents which shall prove to have been false, incorrect or misleading in
    any material respect on the date when made or deemed made; or</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i) The Borrower, any of the Guarantors
    or any of their relevant Subsidiaries shall have defaulted in the payment of the principal of or the interest on or other
    monetary amount owing in respect of any of its Other Credit Parties Indebtedness when the same becomes due and payable, whether
    by scheduled maturity, required prepayment, acceleration, demand&nbsp;or otherwise, and such default shall continue beyond
    any grace period provided with respect thereto, or any other default shall have occurred under the terms of any instrument
    or agreement evidencing or setting forth terms and conditions applicable to any of its Other Credit Parties Indebtedness,
    or any other event shall occur or condition exist, if the effect of such default, condition or event is to cause or permit
    the credit party holder or credit parties holders of such Other Credit Parties Indebtedness (or anyone acting on their behalf)
    to cause such Other Credit Parties Indebtedness to become due prior to its date of maturity or to require such Other Credit
    Parties Indebtedness to be prepaid, redeemed, purchased or defeased, or require an offer to purchase or defease such Other
    Credit Parties Indebtedness to be made, prior to its expressed maturity; or (ii)&nbsp;the Borrower, any of the Guarantors
    or any of their relevant Subsidiaries shall have defaulted in the payment of the principal of or the interest on or other
    monetary amount owing in respect of any of its Indebtedness (other than any Indebtedness hereunder or any Other Credit Parties
    Indebtedness) in an amount, individually or in aggregate, exceeding US$ 5,000,000 (five million U.S. Dollars) (or its equivalent
    amount in any other currency), when the same becomes due and payable, whether by scheduled maturity, required prepayment,
    acceleration, demand or otherwise, and such default shall continue beyond any grace period provided with respect thereto,
    or any other default shall have occurred under the terms of any instrument or agreement evidencing or setting forth terms
    and conditions applicable to any of such Indebtedness, or any other event shall occur or condition exist, if the effect of
    such default, condition or event is to cause or permit the holder or holders of such Indebtedness (or anyone acting on behalf
    of such holder or holders) to cause such Indebtedness to become due prior to its date of maturity or to require such Indebtedness
    to be prepaid, redeemed, purchased or defeased, or require an offer to purchase or defease such Indebtedness to be made, prior
    to its expressed maturity, to the extent the amount of such Indebtedness (other than any Indebtedness hereunder or any Other
    Credit Parties Indebtedness), individually or in aggregate, exceeds US$ 5,000,000 (five million U.S. Dollars) (or its equivalent
    amount in any other currency); or</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">One or more judgments or orders from
    which no further appeal is permissible under applicable law for the payment of money aggregating in excess of US$5,000,000.00
    (five million U.S. Dollars) (or its equivalent in another currency) shall be rendered against the Borrower or any Guarantor
    and such judgment or order shall continue unsatisfied and in effect for a period of forty-five (45) calendar days; or</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower, any Guarantor, or any
    Subsidiary of the Borrower or any Guarantor shall: (i) generally not, or be unable to, or shall admit in writing its inability
    to, pay its debts (except for amounts due under this Agreement) as such debts become due; (ii) make an assignment for the
    benefit of creditors, or petition or apply to any tribunal for the appointment of a custodian, receiver, trustee or other
    similar official for it or any substantial part of its Assets; (iii) commence any proceeding under any bankruptcy, insolvency,
    reorganization, arrangement, readjustment of debt, dissolution, winding-up or liquidation law or statute of any jurisdiction,
    whether now or hereafter in effect; (iv) have had any such petition or application (as described in (ii) above) filed or any
    such proceeding (as described in (iii) above) shall have been commenced, against it, in which an adjudication or appointment
    is made or order for relief is entered, or which petition, application or proceeding is not dismissed within 45 (forty-five)
    days of such filing or commencement; (v) have proposed to any creditor or any group of creditors of the same nature and subject
    to the same payment conditions, any out-of-court reorganization plan (<I>plano de recupera&ccedil;&atilde;o extrajudicial</I>),
    regardless of its confirmation by the relevant court; (vi) have filed for court reorganization (<I>recupera&ccedil;&atilde;o
    judicial</I>), regardless of whether such request is granted by the relevant court; or (vii) by any act or omission indicate
    its consent to, approval of or acquiescence in any such petition, application or proceeding or order for relief or the appointment
    of a custodian, receiver or trustee for all or any substantial part of its Property; or</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any attachment, execution or legal
    process shall be enforced against any Assets or Property of the Borrower or any Guarantor which has or could reasonably be
    expected to have, individually or in the aggregate, a Material Adverse Effect, and such attachment, execution or legal process
    shall remain unstayed and in effect for a period of thirty (30) days; or</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any material provision of any of the
    Credit Documents shall cease, for any reason other than with the agreement of the Lenders or satisfaction in full of all the
    Obligations, to be in full force and effect, or the Borrower, any Guarantor or Agropecu&aacute;ria shall so assert; or the
    Borrower, any Guarantor or Agropecu&aacute;ria shall assert that it does not have any liability under any one or more of the
    Credit Documents to which it is a party; or any of the Security Agreements shall not give or shall cease in any material respect
    to give the Collateral Agent or the Brazilian Collateral Agent, as the case may be, the Liens, rights, powers and privileges
    purported to be created thereby (including first priority perfected security interests in, and Liens on, all of the Collateral
    subject thereto, except as otherwise permitted pursuant to Section 5(i)(i) hereof) or the validity or enforceability of the
    Liens granted, to be granted, or purported to be granted, by any Security Agreement shall be contested by the Borrower, any
    Guarantor or Agropecu&aacute;ria; or</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A Change of Control shall have occurred;
    or</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All or any substantial part of the
    Assets or revenues of the Borrower or any Guarantor is condemned, seized or otherwise appropriated by any Person acting under
    the authority of any Governmental Authority, or the Borrower or any Guarantor is prevented by any such Person from exercising
    normal control over all or any substantial part of its Assets or revenues; or</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i) A Governmental Authority of Brazil
    (including without limitation the Central Bank of Brazil) shall (A) declare a general suspension of payment or a moratorium
    on the payment of debt of the Borrower or any Guarantor (which does not expressly exclude this Agreement) or (B) fail to exchange,
    or to approve or permit the exchange of, Reais for Dollars, or take any other action, including, without limitation, the promulgation,
    operation or enforcement of any law, act, decree, regulation, ordinance, order, policy, or determination, or any modification
    of, or change in the interpretation of, any of the foregoing, that has the effect of restricting or preventing such exchange
    or the transfer of any funds outside Brazil, beyond the extent to which such restrictions exist on the Execution Date, or
    (ii) United States Dollars shall be unavailable in any legal exchange market therefor in Brazil in accordance with normal
    commercial practice; or</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(l)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any event which has or may have a Material
    Adverse Effect shall have occurred,</FONT></TD></TR>
</TABLE>




<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">thereupon and at any time thereafter
    and in every such event (each an &#147;<B>Event</B> <B>of</B> <B>Default</B>&#148;),</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in the case of an Event of Default
    other than one specified in clause (f) of this Section 7, the Administrative Agent (i)&nbsp;shall at the request, or may with
    the consent, of the Required Lenders, by prior, written notice to the Borrower, declare the Commitment of each Lender to be
    terminated, whereupon the same shall forthwith terminate, (ii)&nbsp;shall at the request, or may with the consent, of the
    Required Lenders, by prior, written notice to the Borrower, declare the Notes, the Loans, all interest thereon and all other
    amounts payable under this Agreement and the Notes to be forthwith due and payable, whereupon the Notes, the Loans, all such
    interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further
    notice of any kind, all of which are hereby expressly waived by the Borrower and the Guarantors and (iii) shall at the request
    or demand, or may with the consent of the Required Lenders, take or direct any of the other Agents to take any collection,
    remedial or enforcement action (or exercise any other rights, whether in or out of court) permitted by applicable law or any
    of the Security Agreements; and</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in the case of an Event of Default
    specified in clause (f) of this Section 7, (i) the Commitment of each Lender shall automatically be terminated, (ii) the Notes,
    the Loans, all interest thereon and all other amounts payable under this Agreement and the Notes shall automatically become
    and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly
    waived by the Borrower and the Guarantors and (iii) the Administrative Agent is hereby authorized to take or direct any of
    the other Agents to take any collection, remedial or enforcement action (or exercise any other rights, whether in or out of
    court) permitted by applicable law or any of the Security Agreements.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 72pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
foregoing shall not limit the Lenders&#146; rights to exercise any of their remedies under any of the other Credit Documents.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TAXES</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><B>Taxes</B></FONT></FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All payments due hereunder or under
    the Notes to or for the account of any Lender or the Administrative Agent shall be made without deduction for or on account
    of any present or future income, stamp, value-added, registration, transfer and other taxes, levies, imposts, duties, fees,
    withholdings, assessments or other charges of whatever nature, or any interest, penalty, or similar liability with respect
    thereto, now or hereafter imposed by any taxing authorities in any jurisdiction (other than such taxes as may be measured
    by the overall net income (however denominated), franchise taxes and branch profits taxes, in each case imposed as a result
    of a Lender or the Administrative Agent being organized under the laws of, or having its principal office or Lending Office
    located in, the jurisdiction imposing such tax) (&#147;<B>Taxes</B>&#148;).</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If Taxes are required to be withheld
    or deducted from any such payment, the Borrower or the Guarantors shall pay to each Lender or the Administrative Agent, as
    the case may be, such additional amount as may be necessary to ensure that the net amount actually received by such Lender
    or the Administrative Agent, as the case may be, in respect of such payment free and clear of Taxes, is equal to the amount
    which such Lender or the Administrative Agent, as the case may be, would have received if Taxes had not been withheld or deducted
    from such payment. Without limiting the foregoing sentence, the Borrower or the Guarantors shall pay all Taxes due in respect
    of any such payment (including all Taxes payable on account of any such payment of Taxes) on or before the respective due
    dates thereof and, upon making any such deduction, withholding or payment of Taxes, the Borrower or the Guarantors (as the
    case may be), shall furnish to such Lender or the Administrative Agent, as the case may be, within thirty (30) calendar days
    thereafter, an original or certified copy of a receipt from the relevant taxing authority evidencing such deduction, withholding
    or payment.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If any Taxes are paid directly by any
    Lender or the Administrative Agent, or if the Borrower or the Guarantors fail to comply with the provisions of this Section
    8.1, the Borrower or the Guarantors shall, within thirty (30) calendar days after written demand of such Lender or the Administrative
    Agent, as the case may be, reimburse such Lender or the Administrative Agent, as the case may be, for all such payments, and
    indemnify such Lender or the Administrative Agent, as the case may be, for any related interest, penalty or similar liability.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.2</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Other Taxes. </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Without
    limiting Section 8.1, the Borrower or the Guarantors shall pay, and indemnify each Lender and the Administrative Agent against,
    any and all stamp, excise, registration, transfer, capital, net worth and similar taxes including, without limitation, taxes
    on financial outstandings, court taxes and any extraordinary tax (&#147;<B>Other</B> <B>Taxes</B>&#148;) which may be payable
    or determined to be payable on or in connection with the execution, delivery, performance or enforcement of this Agreement,
    the Notes or the lending or borrowing hereunder. The Borrower or the Guarantors shall further pay, and indemnify each Lender
    and the Administrative Agent against, any and all penalties and liabilities with respect to or resulting from delay or omission
    to pay such Other Taxes.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>9.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>GUARANTEE</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Guaranty.</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For value received and hereby acknowledged and as an inducement
    to the Lenders to make the Loans available to the Borrower, each Guarantor, jointly and severally, hereby unconditionally
    and irrevocably guaranties, as primary obligor, (a) the full and punctual payment when due, whether at stated maturity, by
    acceleration or otherwise, of all Obligations, (b) the strict performance and observance by the Borrower of its obligations
    under this Agreement and the other Credit Documents and of all agreements, warranties and covenants applicable to the Borrower
    in this Agreement; and (c) the strict performance of all such obligations under this Agreement and the other Credit Documents
    which would become due but for the operation of the automatic stay pursuant to Section 362(a) of the United States Bankruptcy
    Code and the operation of Sections 502(b) and 506(c) of the United States Bankruptcy Code or any similar legislation applicable
    to the Borrower or any Guarantor (such obligations collectively being the &#147;<B>Guaranteed Obligations</B>&#148;).</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export
    Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and
    Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Guaranty Absolute.</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    </FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each Guarantor, jointly and severally, guarantees that the
    Guaranteed Obligations will be paid strictly in accordance with the terms hereof and of the Notes, regardless of any law,
    regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Agents
    and the Lenders with respect thereto. The liability of each Guarantor under this Section 9 with regard to the Guaranteed Obligations
    shall be absolute and unconditional irrespective of:</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any lack of validity or enforceability
    of this Agreement, the Credit Documents, or any other agreement or instrument relating thereto;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any change in the time of, manner or
    place of payment of, or in any other term of, all or any of the Guaranteed Obligations or any other amendment or waiver of
    or any consent to departure from this Agreement and/or any other Credit Document (with regard to such Guaranteed Obligations);</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any exchange, release or nonperfection
    of any collateral, or any release or amendment or waiver of or consent to departure from any other guaranty, for all or any
    of the Guaranteed Obligations;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any change of control of or ownership
    in the Borrower or any Guarantor;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the Borrower or any Guarantor not being
    the surviving or successor entity in any merger or consolidation with another Person, or any other reorganization or corporate
    restructuring;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any acceptance of any partial payment(s)
    from the Borrower and/or any Guarantor; or</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any other circumstance which might
    otherwise constitute a defense available to, or a discharge of, the Borrower or any Guarantor in respect of the Guaranteed
    Obligations.</FONT></TD></TR>
</TABLE>




<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE  CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The obligations
        of each Guarantor contained in this Section 9 shall continue to be effective or be reinstated, as the case may be, if
        at any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be returned by any Agent or
        the Lenders upon the insolvency, bankruptcy or reorganization of the Borrower and/or any Guarantor or otherwise, all as
        though such payment had not been made.</FONT></P></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 100%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; font-size: 10pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Effectiveness, Enforcement</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The guaranty obligations of the Guarantors under this Section
    9 shall be effective as of the Execution Date. No invalidity, irregularity or unenforceability by reason of any bankruptcy
    or similar law, or any law or order of any government or agency thereof purporting to reduce, amend or otherwise affect any
    liability of the Borrower or of any Guarantor, and no defect in or insufficiency or want of powers of the Borrower or any
    Guarantor or irregular or improperly recorded exercise thereof, shall impair, affect, be a defense to or claim against such
    guaranty. The agreements of each Guarantor contained in this Section 9 constitute a continuing guaranty and shall remain in
    full force and effect until the irrevocable and indefeasible payment in full of, and performance of, all Guaranteed Obligations
    and all other amounts payable under this Section 9. The agreements of the Guarantors contained in this Section 9 are made
    for the benefit of the Agents and the Lenders and their successors and assigns, and may be enforced from time to time as often
    as occasion therefor may arise and without requirement on the part of the Agents and/or the Lenders first to exercise any
    rights against the Borrower, any Guarantor or any other guarantor or to exhaust any remedies available to it against the Borrower
    or to resort to any other source or means of obtaining payment of any of the Guaranteed Obligations or to elect any other
    remedy. The Guarantors irrevocably authorize the Agents and the Lenders to take any action in respect of the Guaranteed Obligations
    or any collateral or guaranties securing them or any other action that might otherwise be deemed a legal or equitable discharge
    of a surety, without notice to or the consent of the Guarantors and irrespective of any change in the financial condition
    of any of the Guarantors or the Borrower. This Agreement shall be enforceable against the Guarantors (and any of their successors
    and assigns) to the maximum extent permitted by fraudulent transfer laws but in no event shall the maximum liability of any
    Guarantor hereunder exceed the maximum amount that can be guaranteed by such Guarantor without rendering its guaranty hereunder
    voidable under applicable fraudulent transfer laws. For purposes of this Section 9, &#147;<B>fraudulent transfer laws</B>&#148;
    means applicable Brazilian bankruptcy and fraudulent transfer and conveyance statutes and the related case law.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Waivers</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>.
    </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To the fullest extent permitted by law, each Guarantor hereby
    irrevocably waives promptness, diligence, presentment, demand, protest, notice of acceptance and any other notice with respect
    to any of the Guaranteed Obligations and the obligations under this Section 9 and any requirement that the Agents and/or the
    Lenders protect, secure, perfect or otherwise take action to ensure any security interest or Lien on any Property or Assets
    subject thereto or exhaust any right or take any action against the Borrower or any other Person or any collateral. Each Guarantor
    also irrevocably waives, to the fullest extent permitted by law, all defenses which at any time may be available to it in
    respect of the Guaranteed Obligations and the obligations under this Section 9 by virtue of any statute of limitations, valuation,
    stay, moratorium law or other similar law now or hereafter in effect. In addition, each Guarantor irrevocably and unconditionally
    waives all benefits under Articles 333 and its sole paragraph, 364, 366, 821, 824, 827, 829, 830, 834, 835, 837, 838 and 839
    of the Brazilian Civil Code and Article 595 of the Brazilian Code of Civil Procedure. The Guarantors also irrevocably waive
    any offset or counterclaim or other right, defense or claim based on or in the nature of any obligation now or later owed
    to the Guarantors by the Borrower, any Agent or any Lender.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.5.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Subordination</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.
    </FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The (a) payment of any amounts due with respect to any Indebtedness
    of the Borrower for money borrowed or credit received now or hereafter owed to any Guarantor and (b) exercise by any Guarantor
    of any rights against the Borrower arising as a result of payment by such Guarantor hereunder by way of subrogation, reimbursement,
    restitution, contribution or otherwise are hereby subordinated to the prior payment in full of all of the Obligations. Each
    Guarantor further agrees that, after the occurrence of any Default in the payment or performance of any of the Obligations,
    it will not demand, sue for or otherwise attempt to collect any such Indebtedness of the Borrower to such Guarantor until
    all of the Obligations shall have been indefeasibly paid in full. If, notwithstanding the foregoing sentence, a Guarantor
    shall collect, enforce or receive any amounts in respect of such Indebtedness while any Obligations are still outstanding,
    such amounts shall be collected, enforced and received by such Guarantor as trustee for the Agents and the Lenders and be
    paid over to the Agents and the Lenders on account of the Obligations without affecting in any manner the liability of such
    Guarantor under the other provisions hereof.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">9.6</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>No Marshalling</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. Except to the extent required by applicable law, neither the Lenders nor any Agent shall be required to marshal any collateral securing, or any guaranties of, the Guaranteed Obligations, or to resort to any item of collateral or any guaranty in any particular order, and the Lenders&#146; and the Agents&#146; rights with respect to any collateral and guaranties will be cumulative and in addition to all other rights, however existing or arising. To the extent permitted by applicable law, each Guarantor irrevocably waives, and agrees that it will not invoke or assert, any law requiring or relating to the marshalling of collateral or guaranties or any other law which might cause a delay in or impede the enforcement of the Lenders&#146; and/or the Agents&#146; rights under this Section 9, under any of the other Credit Documents or any other agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">9.7</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Representations and Warranties.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I>Each Guarantor represents and warrants to the Agents and each Lender that (a) it will receive valuable direct and indirect benefits as a result of the transactions financed by the Loans under the Credit Documents; (b) these benefits will constitute &#147;reasonably equivalent value&#148; and &#147;fair consideration&#148; as those terms are used in fraudulent transfer laws; and (c) it has not made a transfer or incurred obligations under this Agreement with the intent to hinder, delay or defraud any of its present or future creditors. Each Guarantor acknowledges and agrees that each of the Agents and the Lenders has acted in good faith in connection with this Agreement and the transactions contemplated by the Credit Documents.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>



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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">9.8</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Nature of Guarantor&#146;s Obligations.</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The obligations of each Guarantor under this Agreement are independent of any obligation of any other Person (including the Borrower or any other guarantor) and a separate action or actions may be brought and prosecuted against any Guarantor under this Agreement whether or not any action is brought or prosecuted against any other Person (including the Borrower or any other guarantor) and whether or not any other Person (including the Borrower or any other guarantor) is joined in any action under this Agreement. The provisions of this Section 9 of the Agreement are a guaranty of payment and not merely of collection.</FONT></TD></TR>
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    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">9.9</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Additional Security.</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The obligations of the Guarantors under this Section 9 are in addition to and are not in any way prejudiced by any other guaranty or security now or subsequently held by any Person.</FONT></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">9.10</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Election of Remedies.</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each Guarantor understands that the exercise by the Agents and the Lenders of certain rights and remedies contained in the Credit Documents may affect or eliminate such Guarantor&#146;s right of subrogation and reimbursement against the Borrower (and the other Guarantor) and that such Guarantor may therefore incur a partially or totally nonreimbursable liability hereunder. Each Guarantor expressly authorizes the Agents and the Lenders to pursue their rights and remedies with respect to the Guaranteed Obligations in any order or fashion they deem appropriate, in their sole and absolute discretion, and waives any defense arising out of the absence, impairment, or loss of any or all rights of recourse, reimbursement, contribution, exoneration or subrogation or any other rights or remedies of such Guarantor against the Borrower, any other Person or any security, whether resulting from any election of rights or remedies by the Agents or the Lenders, or otherwise.</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>10.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THE AGENTS; THE LEAD ARRANGERS</B></FONT></TD></TR>
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    <TD STYLE="width: 37.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">10.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Appointment</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">;
    <FONT STYLE="font-variant: small-caps"><B>Limitation Of Liability.</B></FONT>&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
    Lender hereby irrevocably designates and appoints each Agent as the agent of such Lender under this Agreement, the other Credit
    Documents and the documents delivered in connection herewith and therewith, and each Lender hereby irrevocably authorizes
    each Agent in such capacity, to take such action on its behalf under this Agreement, the other Credit Documents and the documents
    delivered in connection herewith and therewith and to exercise such powers and perform such duties under this Agreement and
    the other Credit Documents as are expressly delegated to each Agent by the terms hereof and thereof, together with such other
    powers as are reasonably incidental thereto, including, without limitation in the case of the Collateral Agent and the Brazilian
    Collateral Agent, the power to receive and/or foreclose on the Collateral on behalf of the Lenders and to execute and deliver
    all Security Agreements to which each is a party on behalf of the Lenders. Each Lender acknowledges that the Collateral Agent
    is the beneficiary of the parallel debt referred to in the relevant Security Agreement and the Collateral Agent will accept
    the parallel debt arrangements reflected in the relevant Security Agreement on its behalf and will enter into the relevant
    Security Agreement as pledgee in its own name.&nbsp;Notwithstanding any provision to the contrary elsewhere in this Agreement
    or the other Credit Documents, no Agent in its respective capacity as such agent, shall have any duties or responsibilities,
    except those expressly set forth herein or therein, or any fiduciary relationship with any Lender, and no implied covenants,
    functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement, any other Credit Document
    or any document delivered in connection herewith or therewith or otherwise exist against any Agent, in its respective capacity
    as such. Without limiting the generality of the foregoing, the use of the term &#147;agent&#148; in this Agreement or any
    other Credit Document with reference to any Agent is not intended to connote any fiduciary or other implied (or express) obligations
    arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom and is
    intended to create or reflect only an administrative relationship agreed between independent contracting parties. No Agent
    shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and
    powers expressly contemplated hereby or by the other Credit Documents that such Agent is required to exercise in writing by
    the Required Lenders (or when expressly required hereby or thereby, all the Lenders), <I>provided</I>, <I>however</I>, that
    such Agent shall not be required to take any action that exposes such Agent to personal liability or that is contrary to any
    Credit Document or applicable law. In all cases the Agents shall be fully protected in acting, or in refraining from acting,
    under the Credit Documents in accordance with a request of the Required Lenders (or when expressly required hereby or thereby,
    all the Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon the Lenders
    and all future holders of the Notes.</FONT></TD></TR>
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<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">10.2</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Delegation Of Duties.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Each Agent may execute any of its duties under the Credit Documents by or through agents or attorneys-in-fact. Each Agent shall be entitled to advice of counsel concerning all matters pertaining to its duties and rights, with such fees and expenses of such counsel for the account of the Borrower. No Agent shall be held liable or responsible for acting in accordance with such advice of counsel. No Agent shall be responsible or liable for the negligence or misconduct of attorneys-in-fact or agents selected by it with reasonable care.</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
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    <TD STYLE="width: 37.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">10.3</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Notice Of Default.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> No Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder, unless such Agent has received written notice from the Borrower or a Lender referring to this Agreement, describing such Default or Event of Default and stating that such notice is a &#147;notice of default.&#148; In the event that any Agent receives such a notice, such Agent shall give prompt notice thereof to each Lender. Such Agent shall take such action or refrain from taking such action with respect to such Default or Event of Default as shall be directed in writing by the Required Lenders; <I>provided</I>, that, unless and until such Agent shall have received such directions, such Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders, and <I>provided further</I> that such Agent shall not be required to take any action that exposes such Agent to personal liability or that is contrary to any Credit Document or applicable law. No Agent shall be required to take any action or refrain from taking any action if it has not received security or indemnity satisfactory to it in respect of any action taken or not taken in accordance with the written directions of the Required Lenders (or when expressly required hereby or thereby, all the Lenders).</FONT></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.4</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Reliance of Agent, Etc.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> No Agent nor any of their respective directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement or any other Credit Document, (a) with the consent or at the request or direction of the Required Lenders as may be required hereby or thereby (or when expressly required hereby or thereby, all the Lenders); (b) because no such consent or instructions or no requested instructions or clarification have been given to it by the Required Lenders as may be required hereby or thereby (or when expressly required hereby or thereby, all the Lenders); (c) if such omitted action would be contrary to applicable law; or (d) in the absence of its or their own gross negligence or willful misconduct. Without limitation of the generality of the foregoing, the Agents: (i)&nbsp;may treat the payee of any Note as the holder thereof until the Administrative Agent receives and accepts an Assignment and Acceptance entered into by the Lender that is the payee of such Note, as assignor, and an assignee, as provided in Section 11.1; (ii)&nbsp;may consult with legal counsel (including counsel for the Borrower and/or any Guarantor), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts unless the Lenders prove such counsel, accountants or experts were not selected with reasonable care; (iii)&nbsp;makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations (whether written or oral) made in or in connection with the Credit Documents; (iv)&nbsp;shall not have any duty to ascertain or to inquire as to the compliance with or the performance or observance of any of the terms, covenants or conditions of the Credit Documents on the part of any party thereto, or to inspect the Property (including the books and records) of the Borrower, any Guarantor or any other Person or to monitor or report on any aspect of the performance or observance of any of the terms, covenants or conditions of the Credit Documents by any of the parties thereto, including covenants in respect of the Economic and Trade Sanctions and Anti-Terrorism Laws, Sanctions or Sanctioned Persons; (v)&nbsp;shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of any Credit Document or any other instrument or document furnished pursuant hereto or thereto; and (vi)&nbsp;shall incur no liability under or in respect of any Credit Document by acting upon any notice, consent, certificate, direction or other instrument or writing (which may be by fax, telex or SWIFT) believed by it to be genuine and signed or sent by the proper party or parties.</FONT></TD></TR>
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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="width: 37.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.5</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Agent as a Lender; Agents in Individual Capacity.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> If an Agent is a Lender hereunder then with respect to its Commitment, the Loans made by it and the Note or Notes issued to it, such Agent shall have the same rights and powers under this Agreement and the other Credit Documents as any Lender and may exercise the same as though it were not such Agent; and the term &#147;Lender&#148; or &#147;Lenders&#148; shall, unless otherwise expressly indicated, include each Agent that is also a Lender in its individual capacity. The Agents and their respective Affiliates may accept deposits from, lend money to, act as trustee under indentures of, accept investment banking engagements from and generally engage in any kind of business with, the Borrower, any Guarantor, any of their Subsidiaries or Affiliates, any Lender, any Affiliate of any Lender and any Person who may do business with or own securities of any Lender, the Borrower, any Guarantor or any of the Borrower&#146;s, any Guarantor&#146;s or Lender&#146;s Subsidiaries, all as if such Agent were not an Agent and without any duty to account therefor to the Lenders, the Borrower, the Guarantors or any of their Affiliates.</FONT></TD></TR>
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    <TD STYLE="width: 37.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.6</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Lender Credit Decision.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Each Lender acknowledges that it has, independently and without reliance upon any Agent, the Lead Arrangers or any other Lender and based on the Financial Statements and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon any Agent, the Lead Arrangers or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement and the other Credit Documents, including but not limited to the evaluation regarding the fulfillment of the conditions precedent for disbursement of the Loans in accordance with the procedures set forth in Section 4 hereof.</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
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    <TD STYLE="width: 37.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.7</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Indemnification. </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Lenders, severally, agree to indemnify and hold harmless the Agents and their respective officers, directors, employees, agents, advisors and their successors and assigns (each, an &#147;<B>Agent Indemnified Party</B>&#148;) (to the extent not reimbursed by the Borrower), ratably according to the respective principal amounts of the Loans owing to them (or if no Loans are at the time outstanding, ratably according to the respective amounts of their original Commitments (or what would have been their original Commitments had they been party hereto on the Execution Date)), from and against any and all liabilities, claims, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including, without limitation, the fees and expenses of legal counsel, independent public accountants and other experts selected by it) or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against such Agent Indemnified Party in any way relating to, arising out of or in connection with (i) the Agent Indemnified Party acting as Agent hereunder and under the other Credit Documents to which it is a party, (ii) any Credit Document or (iii) any action taken or omitted by such Agent Indemnified Party under any Credit Document (collectively, the &#147;<B>Indemnified Costs</B>&#148;), <I>provided</I>, that no Lender shall be liable for any portion of the Indemnified Costs to the extent determined by the final and nonappealable judgment of a court of competent jurisdiction to specifically have been caused by the gross negligence or willful misconduct of the relevant Agent Indemnified Party. Without limitation of the foregoing, each Lender, severally, agrees to reimburse each Agent Indemnified Party promptly upon demand for such Lender&#146;s ratable share of any reasonable out-of-pocket expenses of an Agent Indemnified Party (including reasonable counsel fees) incurred by such Agent Indemnified Party in connection with the preparation, execution, delivery, administration, performance of its duties, exercise of its rights, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, the Credit Documents, to the extent that such Agent Indemnified Party is not reimbursed for such expenses by the Borrower. In the case of any investigation, litigation or proceeding giving rise to any Indemnified Costs, this Section 10.7 applies whether any such investigation, litigation or proceeding is brought by any Agent Indemnified Party, any Lender or a third party. The provisions of this Section 10.7 shall survive the resignation or removal of any Agent, the payment of the Notes and all other Obligations hereunder and the termination of this Agreement and/or any other Credit Document or related document.</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
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    <TD STYLE="width: 37.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">10.8</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Successor.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Each Agent may resign at any time by giving thirty (30) days prior written notice thereof to the Lenders and the Borrower and may be removed at any time with or without cause by the Required Lenders. Upon any such resignation or removal, the Required Lenders shall have the right to appoint a successor to such Agent, upon notice to the Lenders and the Borrower. If no successor Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within thirty (30) days after the retiring Agent&#146;s giving of notice of resignation or the Lenders&#146; removal of the retiring Agent, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent, which shall be a reputable commercial bank. Upon the acceptance of any appointment as an Agent hereunder by a successor Agent, such successor shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges, duties and obligations of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations under this Agreement and the other Credit Documents. After any retiring Agent&#146;s resignation or removal hereunder as an Agent, the provisions of this Section 10 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an Agent under this Agreement and the other Credit Documents.</FONT></TD></TR>
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    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.9</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Determinations Pursuant to Credit Documents</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. In each circumstance where any consent of or direction from the Lenders or the Required Lenders is required, the relevant Agent shall send to the Lenders a notice by e-mail (confirmed by fax) setting forth a description in reasonable detail of the matter as to which consent or direction is requested and, if the Agent deems it appropriate in its sole discretion, such Agent&#146;s proposed course of action with respect thereto. In the event such Agent shall not have received a response in writing from any Lender within fifteen (15) days after the giving of such notice, such Lender shall be deemed to have agreed to the course of action proposed by such Agent, provided that such notice states that a failure to respond shall have the consequences specified in this sentence.</FONT></TD></TR>
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    <TD STYLE="width: 37.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">10.10</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>The Lead Arrangers. </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Lead Arrangers shall have no obligation, liability, responsibility or duty under this Agreement, nor shall they be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of any Credit Document or any other instrument or document furnished pursuant hereto or thereto, but they shall have the rights hereunder expressly granted to them, including, without limitation, the right to costs and expenses under Section 11.3 and the right to indemnity under Section 11.14.</FONT></TD></TR>
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    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.11</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Statements; Use of Proceeds</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. The recitals contained herein, in any offering materials and in any other Credit Documents shall be taken as the statements of the Borrower, the Guarantors and in the case of the Assignment and Security Agreement, the Importer, and neither the Lead Arrangers nor any Agent assume responsibility for the correctness of the same. Neither the Lead Arrangers nor any Agent make any representation as to the validity or sufficiency of any offering materials or any Credit Document. Neither the Lead Arrangers nor any Agent shall be accountable for the use or application by the Borrower of any of the Loans or of the proceeds thereof.</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
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        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">11.</P></TD>
    <TD><B>MISCELLANEOUS</B></TD></TR>
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    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Assignments/Participations by Lenders</B></FONT></TD></TR>
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<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>


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    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">At any time after the end of the Availability Period, each Lender may assign to one or more Persons (other than the Borrower, the Importer, any Guarantor and/or any of their Affiliates) previously approved in writing by the Administrative Agent (which approval shall not be unreasonably withheld), and notified by such Lender to the Borrower, except that (i) no approval of the Administrative Agent or notification to the Borrower shall be required in the case of an assignment to another Lender or any Affiliate thereof and (ii) no notification to the Borrower shall be required if an Event of Default has occurred and is continuing (and, in this case (ii), if no written response is received from the Administrative Agent within ten (10)&nbsp;days after the receipt of the written request from such Lender, such request shall be considered to have been approved), of all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of the Loans made by it and the Note or Notes held by it); provided, that (i) each such assignment shall be of a constant, and not a varying, percentage of all rights and obligations under this Agreement, (ii) except in the case of an assignment to a Person that, immediately prior to such assignment, was a Lender or an assignment of all of a Lender&#146;s rights and obligations under this Agreement, the amount of the Loans of the assigning Lender being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment) shall in no event be less than US$5,000,000.00, and (iii) the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance, an Assignment and Acceptance and a processing fee from the assignor thereunder of US$5,000.00. Upon such execution, delivery and acceptance, from and after the effective date specified in each Assignment and Acceptance, (A) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender hereunder and (B) the Lender assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender&#146;s rights and obligations under this Agreement, such Lender shall cease to be a party hereto), provided, however, that the assignor Lender shall retain the right to indemnification and reimbursement to which it was entitled prior to the effective date of such assignment and shall remain liable for any indemnification for which it is responsible under Section 10.7 hereof.</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
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    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By executing and delivering an Assignment and Acceptance, the Lender assignor thereunder and the assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with any Credit Document or the execution, legality, validity, enforceability, genuineness, sufficiency or value of any Credit Document or any other instrument or document furnished pursuant thereto; (ii) such assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrower, the Importer or any Guarantor or the performance or observance by the Borrower, the Importer or any Guarantor of any of their obligations under any Credit Document or any other instrument or document furnished pursuant thereto; (iii) such assignee confirms that it has received a copy of the Credit Documents, together with copies of the financial statements delivered pursuant thereto, if any, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iv) such assignee will, independently and without reliance upon any Agent, the Lead Arrangers, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Documents; (v) such assignee irrevocably designates and appoints each Agent as its agent under the Credit Documents and the documents delivered in connection therewith, and irrevocably authorizes each Agent, each in such capacity, to take such action as agent on its behalf and to exercise such powers and perform such duties under the Credit Documents or any document furnished pursuant thereto as are expressly delegated to such Agent by the terms of this Agreement and the other Credit Documents, together with such other powers as are reasonably incidental thereto; and (vi) such assignee agrees that it will perform in accordance with their terms all of the obligations that by the terms of any Credit Document and the documents delivered in connection therewith are required to be performed by it as a Lender.</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
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    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an assignee, the Administrative Agent shall, if such Assignment and Acceptance has been completed and is in substantially the form of <U>Annex C</U> hereto, (i) accept such Assignment and Acceptance unless written approval from the Administrative Agent was required pursuant to Section 11.1(a) above and was not obtained, (ii) record the information contained therein in the Register and (iii) give prompt notice of such assignment to the Borrower. Within five (5) Business Days after its receipt of such notice, the Borrower and the Guarantors, at their own expense, shall execute and deliver to the Administrative Agent new Notes per the Assignment and Acceptance, provided that the Notes held by the assignor Lender must have been delivered to the Administrative Agent as required pursuant to the Assignment and Acceptance for further delivery to the Borrower for cancellation. Such new Notes shall be dated the effective date of such Assignment and Acceptance and shall otherwise be in substantially the form of <U>Annex</U> <U>A</U> hereto.</FONT></TD></TR>
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    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Administrative Agent shall maintain a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the &#147;<B>Register</B>&#148;). The entries in the Register shall be conclusive in the absence of manifest error and the Borrower, the Guarantors, the Agents and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. All payments under the Credit Documents or the Notes in respect of principal or interest shall be made to the appropriate Person named in the Register. The Register shall be available for inspection by the Borrower and any Lender at any reasonable time and from time to time upon reasonable prior notice.</FONT></TD></TR>
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    <TD STYLE="width: 73.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each Lender may at any time freely sell participations to one or more banks or other entities (other than the Borrower, the Importer, any Guarantor or any Affiliate of any thereof) in or to all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment, the Loans owing to it and the Note or Notes held by it); <I>provided</I>, that (i) such Lender&#146;s obligations under this Agreement (including, without limitation, its Commitment hereunder) shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) such Lender shall remain the holder of any such Notes for all purposes of this Agreement, (iv) the Borrower, the Guarantor, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender&#146;s rights and obligations under this Agreement and any such Notes; and (v) any participant shall be entitled to the benefit of the cost protection and other provisions contained hereunder to the same extent as if it were a Lender, provided that it shall not be entitled to receive any more than the selling Lender would have received had it not sold the participation. Upon the sale of any participation by a Lender, such Lender shall provide written notice to the Borrower and the Administrative Agent of the name of the participant, provided that the Administrative Agent shall, in the case of the exercise of any cost protection provisions hereunder by any Lender, receive such claim from such Lender in the good faith understanding that the claim is being made in accordance with this item (v), and the Administrative Agent shall have no responsibility whatsoever towards either the Borrower, the Guarantors or the respective Lender to arbitrate any such claim.</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement and its Notes to secure obligations of such Lender, including any such pledge or assignment to a Federal Reserve Bank; <I>provided</I> that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such assignee for such Lender as a party hereto.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.2</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Parties-in-interest; Borrower/Guarantor Assignment.</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and each of their respective successors and permitted assigns; <I>provided,</I> that (a) neither the Borrower nor any Guarantor may assign or transfer any of its rights or obligations hereunder without the prior written consent of all the Lenders and (b) none of the Lenders may assign or transfer any of its rights or obligations hereunder, except as provided in Section 11.1.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.3</FONT></TD>
    <TD><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Fees and Expenses.</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></B>The Borrower will pay:</TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on demand the fees (including reasonable attorneys&#146; fees and costs), expenses and disbursements incurred by the Agents and the Lead Arrangers in connection with the preparation and negotiation of this Agreement and the other documents prepared in connection herewith or pursuant hereto, and, on demand, all fees, expenses and disbursements reasonably incurred by the Agents and the Lead Arrangers in connection with any amendments, modifications, approvals, consents or waivers pursuant hereto or thereto;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on demand, all out-of-pocket expenses (including reasonable attorneys&#146; fees and costs) reasonably incurred by the Agents, the Lead Arrangers and/or the Lenders in connection with any Default and/or any enforcement or collection proceedings resulting therefrom;</FONT></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">all duties (including stamp taxes), fees or other charges payable on or in connection with any Credit Document or document related hereto or thereto, including the costs specified in clause 3(n); and</FONT></TD></TR>
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    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the fees due pursuant to the Fee Letter(s) at the times set forth therein.</FONT></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.4</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Right of Set-Off.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> The Borrower and each Guarantor hereby grants to each Lender a continuing Lien, security interest, and right of setoff as security for all liabilities and obligations to such Lender (including the Obligations and the Guaranteed Obligations), whether now existing or hereafter arising, upon and against any and all deposits, credits, collateral and Property, now or hereafter in the possession, custody, safekeeping or control of such Lender or any entity under the control thereof or in transit to any of them. At any time after an Event of Default has occurred and is continuing, without demand or notice (any such notice being expressly waived by the Borrower and the Guarantors), each Lender may setoff them or any part thereof and apply them to any liability or obligation of the Borrower and/or any Guarantor (including the Obligations and/or the Guaranteed Obligations) even though unmatured and regardless of the adequacy of any collateral for the Obligations or the Guaranteed Obligations. ANY AND ALL RIGHTS TO REQUIRE ANY LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY COLLATERAL FOR SUCH OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER AND/OR ANY GUARANTOR, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.</FONT></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">11.5</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Survival of Covenants.</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All covenants, agreements, representations and warranties made herein and in any certificates or other papers delivered by or on behalf of the Borrower and/or any Guarantor pursuant hereto are material and shall be deemed to have been relied upon by the Agents and each Lender, notwithstanding any investigation heretofore or hereafter made by it, and shall survive the making by the Lenders of the Loans as herein contemplated, and shall continue in full force and effect so long as any Obligation remains outstanding, and the Lenders shall not be deemed to have waived, by reason of making their Loans, any Event of Default which may arise by reason of such representation or warranty proving to have been false or misleading on the date made or reaffirmed, as the case may be, notwithstanding that a Lender may have had notice or knowledge or reason to believe that such representation or warranty was false or misleading at the time such Loan was made. All statements by the Borrower and/or any Guarantor contained in any certificate or other paper delivered by the Borrower or any Guarantor pursuant hereto or in connection with the transactions contemplated hereby shall constitute representations and warranties by the Borrower and the Guarantors hereunder.</FONT></TD></TR>
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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.6</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Notices. </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All notices and other communications made or required to be given pursuant to this Agreement shall be in writing and shall be e-mailed, mailed, transmitted by SWIFT or delivered as follows:</FONT></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>if to the Borrower:</I></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Adecoagro Vale do Ivinhema S.A.</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Rua Iguatemi, 192, 12&ordm; andar, Itaim Bibi, S&atilde;o Paulo, SP 01451-010, Brazil</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Attention: Nicolas Schaeffter</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Fax No. + 55 11 2678.5647</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Phone: + 55 11 2678.5600</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">E-mail: <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>financeiro_spo@adecoagro.com</U></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">or at such other address for notice as the Borrower shall last have furnished in
        writing to the Administrative Agent and each Lender, or</P></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>if to Participa&ccedil;&otilde;es:</I></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adecoagro Brasil Participa&ccedil;&otilde;es
        S.A.</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Rua Iguatemi, 192, 12&ordm; andar. Itaim Bibi, S&atilde;o Paulo, SP 01451-010, Brazil</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Attention: Nicolas Schaeffter</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Fax No. + 55 11 2678.5647</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Phone: + 55 11 2678.5600</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">E-mail: <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>financeiro_spo@adecoagro.com</U>;</FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">or at such other address for notice as Participa&ccedil;&otilde;es shall last have
        furnished in writing to the Administrative Agent and each Lender, or</P></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>if to Monte Alegre:</I></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Usina Monte Alegre Ltda.</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Rua Iguatemi, 192, 12&ordm; andar, Itaim Bibi, S&atilde;o Paulo, SP 01451-010, Brazil</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Attention: Nicolas Schaeffter</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Fax No. + 55 11 2678.5647</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Phone: + 55 11 2678.5600</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">E-mail: <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>financeiro_spo@adecoagro.com</U>;</FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">or at such other address for notice as Monte Alegre shall last have furnished in
        writing to the Administrative Agent and each Lender, or</P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>if to the Administrative Agent, the Collateral Agent or the Brazilian
        Collateral Agent:</I></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>ING Bank N.V.</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">c/o Av. Pres. Juscelino Kubitschek, 510 &ndash; 3<FONT STYLE="font-size: 10pt"><SUP>o
        </SUP></FONT>andar</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">S&atilde;o Paulo, SP 04543-000, Brazil</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Tel.: +55-11-4504-6471/6282</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Fax: +55-11-4504-6302</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Attn: Alcides Santos/Katia Garcia</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">e-mail: <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>alcides.santos@americas.ing.com
        / katia.garcia@americas.ing.com</U></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: justify">or at such other address for notice as the Administrative Agent,
the Collateral Agent or the Brazilian Collateral Agent, as the case may be, shall last have furnished in writing to the Borrower,
the Guarantors and each Lender; or</P></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD>
    <TD><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>if to a Lead Arranger:</I></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: justify">to its address set forth on the signature page below its signature, or at such other
        address for notice as such Lead Arranger shall last have furnished in writing to the Borrower, the Administrative Agent and each
        Lender; or</P></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT></TD>
    <TD><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>if to a Lender:</I></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: justify">to its address set forth on the signature page below its signature, or at such other
        address for notice as such Lender shall last have furnished in writing to the Borrower, the Guarantors and the Administrative Agent,
        provided that in the case of each Lender that becomes a party pursuant to an Assignment and Acceptance, then to its address set
        out in the Schedule to the Assignment and Acceptance by which it became a party or at such other address for notice as such Lender
        shall last have furnished in writing to the Borrower, the Guarantors and the Administrative Agent.</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: justify">All such notices and communications shall, when e-mailed, mailed, transmitted by
        SWIFT or sent by overnight courier, be effective when deposited in the mail, delivered to any internationally recognized overnight
        courier, or transmitted by SWIFT or there is any other kind of evidence of receipt of the notice by the recipient party, except
        that all notices to an Agent, a Lead Arranger and/or a Lender shall not be effective until received by them if receipt occurs during
        business hours on a Business Day, and, otherwise, upon the opening of business for such Person on the first Business Day after
        receipt. The Agents, the Lead Arrangers and the Lenders shall be entitled to rely and act upon any notice purportedly given by
        or on behalf of the Borrower or any Guarantor even if (i) such notices were not made in a manner specified herein, were incomplete
        or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the
        recipient, varied from any confirmation thereof. The Borrower shall indemnify each Indemnified Party from all losses, costs, expenses
        and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower or
        any Guarantor. All telephonic notices to and other communications with the Agents and/or the Lenders may be recorded by the Agents
        and/or the Lenders, and the Borrower and the Guarantors hereby consent to such recording.</P></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.7</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>New York Law Contract.</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This Agreement shall be governed by and construed in accordance with the laws of the State of New York, United States of America, including, without limitation, Section 5-1401 of the New York General Obligations Law, but excluding any conflicts of law principles that would lead to the application of the laws of another jurisdiction.</FONT></TD></TR>
</TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.8</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Consent to Jurisdiction.</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>


<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower and the Guarantors each agree that any action or proceeding relating in any way to this Agreement may be brought and enforced in the state courts sitting in the City of New York, New York, United States of America, in the United States District Court for the Southern District of New York, or in the courts in S&atilde;o Paulo, SP, Brazil. The Borrower and each Guarantor further irrevocably submit to the non-exclusive <I>in personam</I> jurisdiction of each such court and the appellate courts thereof. The Borrower and each Guarantor further irrevocably waive, to the fullest extent permitted by law, any objection which they may now or hereafter have to the laying of venue of any action or proceeding relating in any way to this Agreement in any such court, and any claim that any such action or proceeding brought in any such court has been brought in an inconvenient forum and agree not to claim or plead the same. The Borrower and each Guarantor agree that nothing herein shall affect the right of any party hereto to bring suit in any other jurisdiction.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower and each Guarantor hereby irrevocably appoints Devonshire Services LLC with offices on the Execution Date at 80 Broad Street, Floor 5 #25, New York, New York, 10004, United States of America (the &#147;<B>Process</B> <B>Agent</B>&#148;) as its agent to receive, accept and acknowledge for and on its behalf, and in respect of its Property, service of any and all legal process, summons, notices and documents which may be served in any action or proceeding in the state courts sitting in the City of New York, New York, United States of America or the United States District Court for the Southern District of New York in respect of this Agreement and agrees that service in such manner shall, to the fullest extent permitted by law, be deemed effective service of process upon it in any such suit, action or proceeding. If for any reason such Process Agent shall cease to be available to act as such, the Borrower and each Guarantor agree to designate a new Process Agent in the City of New York (and notify the Administrative Agent of such designation), on the terms and for the purposes of this provision, provided that the new Process Agent shall have accepted such designation in writing before the termination of the appointment of the prior Process Agent. The Borrower and each Guarantor further consent to the service of process or summons by certified or registered mail, postage prepaid, return receipt requested, directed to them at their respective addresses specified in Section 11.6 hereof. Nothing herein shall in any way be deemed to limit the ability of any Agent, any Lead Arranger or any Lender to serve legal process in any other manner permitted by applicable law.</FONT></TD></TR>
</TABLE>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower and each Guarantor agree that a final judgment (a certified copy of which shall be conclusive evidence of the amount of any of its indebtedness or obligations arising out of, or relating in any way to, this Agreement) against it in any action, proceeding or claim arising out of, or relating in any way to, this Agreement, shall be conclusive and may be enforced by suit on the judgment in any court lawfully entitled to entertain such suit.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower and each Guarantor recognize that the remedies of the Lenders, the Agents and the Lead Arrangers specified in this Section are not exclusive and that the exercise of any such remedy shall not preclude any Lender, any Agent or any Lead Arranger from pursuing other remedies available to it in any competent court.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower and each Guarantor hereby irrevocably waive, to the fullest extent permitted by applicable law, all immunity (whether on the basis of sovereignty or otherwise) from jurisdiction, attachment and execution, both before and after judgment, to which they might otherwise be entitled in any action or proceeding in the courts of Brazil, the courts of the State of New York, the United States District Court for the Southern District of New York, or the courts of any other jurisdiction, relating in any way to this Agreement or the Notes, and agree that they will neither raise nor claim any such immunity at or in respect of any such action or proceeding.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower and each Guarantor irrevocably waive, to the fullest extent permitted by applicable law, any claim that any action or proceeding commenced by any Agent or any Lender relating in any way to this Agreement or any Note should be dismissed or stayed by reason, or pending the resolution, of any action or proceeding commenced by the Borrower or any Guarantor relating in any way to this Agreement or any Note, whether or not commenced earlier. To the fullest extent permitted by applicable law, the Borrower and each Guarantor shall take all measures necessary for any such action or proceeding commenced by any Agent or any Lender to proceed to judgment prior to the entry of judgment in any such action or proceeding commenced by the Borrower or any Guarantor.</FONT></TD></TR>
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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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<P STYLE="text-indent: 0pt; margin: 0pt 0">&nbsp;</P>




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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower and each Guarantor acknowledges that it has no right to require the Lenders and/or any Agent to arbitrate any dispute, action or proceeding relating to or arising from or out of any Credit Document. The Borrower and each Guarantor agree that to the extent it has or in the future will have any such right it hereby irrevocably waives such right. Furthermore, the Borrower and each Guarantor acknowledges that the acknowledgements and agreements contained in this paragraph are a material inducement for the Lenders and the Agents to enter into this Agreement and the other Credit Documents.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.9</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Captions.</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Captions in this Agreement are for convenience of reference only and shall not define or limit the provisions hereof.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.10</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Separate Counterparts.</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This Agreement or any amendment may be executed in separate counterparts, each of which when so executed and delivered shall be an original, but all of which together shall constitute one instrument. In proving this Agreement, it shall not be necessary to produce or account for more than one such counterpart.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<TABLE  CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" BORDER="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.11</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Severability.</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If any provision of this Agreement or the other Credit Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Credit Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. WITHOUT LIMITING THE FOREGOING, EACH GUARANTOR EXPRESSLY ACKNOWLEDGES AND AGREES THAT IT IS ITS INTENT THAT ITS GUARANTY OF THE BORROWER&#146;S OBLIGATIONS BE DIVISIBLE FROM THE BORROWER&#146;S OBLIGATIONS HEREUNDER. IN PARTICULAR, IT IS EACH GUARANTOR&#146;S INTENTION THAT THE WAIVERS CONTAINED IN SECTION 9.2 (INCLUDING SECTION 9.2(a)) BE ENFORCED AGAINST THE GUARANTORS SHOULD ANY OTHER PROVISIONS OF THIS AGREEMENT BE FOUND TO BE UNENFORCEABLE AGAINST THE BORROWER.</FONT></TD></TR>
</TABLE>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.12</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Consents, Amendments and Waivers.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> The Credit Documents may not be waived, amended, varied, novated, supplemented or modified except pursuant to an agreement or agreements in writing entered into by, or approved in writing by, the Borrower, the Guarantors and the Required Lenders, provided, however, that no such agreement shall (a) decrease the principal amount of any Loan, or extend the maturity of or any scheduled date of payment of principal or interest, or waive or excuse any payment of principal or interest or any part thereof, or decrease the rate of interest on any Loan, without the prior written consent of each holder of a Note or each Lender affected thereby, (b) change the amount of any Commitment or extend any Commitment of any Lender without the prior written consent of such Lender, (c) amend or modify the provisions of Sections 2.12, 2.13, 2.14 or the provisions of this Section 11.12 or the respective percentages of the outstanding principal amount of the Loans or of the Commitments in the definition of &#147;Required Lenders&#148; without the prior written consent of each Lender, (d) change the allocation among the Lenders of any repayment made under Section 2.10 without the prior written consent of each Lender affected thereby, (e) reduce the collateral coverage requirements of Section 5(l) hereof,&nbsp;without the prior written consent of each Lender, (f) amend Section 10 or any other provisions hereof in a manner adverse to any Agent or any Lead Arranger without the consent thereof, (g) effect the release of any Lien granted hereunder or under any Security Agreement with respect to any Collateral, other than as permitted under the Credit Documents, without the prior written consent of each Lender, or (h) amend Section 11 in a manner adverse to any Lender without the consent of such Lender. In the case of each Security Agreement, the Collateral Agent or the Brazilian Collateral Agent, as the case may be, shall exercise rights thereunder that explicitly require the consent of the Lenders or the Required Lenders, as the case may be, only after it has received such consent from the Lenders or the Required Lenders, as the case may be. Each Lender and each holder of a Note shall be bound by any waiver, amendment or modification authorized by this Section regardless of whether its Notes shall have been marked to make reference thereto, and any consent by any Lender or holder of a Note pursuant to this Section shall bind any Person subsequently acquiring a Note from it, whether or not such Note shall have been so marked. No failure on the part of any of the parties hereto to exercise, and no delay in exercising, any right hereunder or under any Credit Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right preclude any other or further exercise thereof.</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
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    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.13</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>U.S. Dollar Loan Currency</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. This is an international loan transaction in which the specification of payment in Dollars is of the essence. Dollars shall be the currency of account and of payment in all events. The Borrower&#146;s and the Guarantors&#146; obligations hereunder to make payments in Dollars (the &#147;<B>Obligation Currency</B>&#148;) shall not be discharged or satisfied by any tender of (or recovery pursuant to any judgment expressed in or converted into) any currency other than the Obligation Currency, except to the extent that such tender (or recovery) results in the effective receipt by the Administrative Agent or a Lender of the full amount of the Obligation Currency expressed to be payable to the Administrative Agent or such Lender under this Agreement and/or the Notes, and, accordingly, the amount (if any) by which such tender or recovery shall fall short of such full amount of the Obligation Currency shall be and remain due as a separate obligation. If, for the purpose of obtaining or enforcing judgment against the Borrower or any Guarantor in any court or in any jurisdiction, it becomes necessary to convert into or from any currency other than the Obligation Currency (such other currency being hereinafter referred to as the &#147;<B>Judgment Currency</B>&#148;) an amount due in the Obligation Currency the parties agree, to the fullest extent permitted for the parties to do so, that the conversion shall be made at the rate of exchange based upon market conditions (as quoted by the Administrative Agent or if the Administrative Agent does not quote a rate of exchange on such currency, by a known dealer in such currency designated by the Administrative Agent) determined, in each case, as of the date immediately preceding the day on which the judgment is given (such Business Day being hereinafter referred to as the &#147;<B>Judgment Currency Conversion Date</B>&#148;). If there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of actual payment of the amount due, the Borrower and the Guarantors covenant and agree to pay, or cause to be paid, such amounts, if any, as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial award at the rate of exchange prevailing on the Judgment Currency Conversion Date. For purposes of determining the rate of exchange for this Section, such amounts shall include any premium and costs payable in connection with the purchase of the Obligation Currency.</FONT></TD></TR>
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    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">11.14</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Indemnification.</B></FONT></TD></TR>
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    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower and the Guarantors agree, jointly and severally, to indemnify and hold harmless each Lender, each Agent, the Lead Arranger and their respective officers, directors, employees, agents, representatives, successors and assigns (together, the &#147;<B>Indemnified Parties</B>&#148;) from and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, judgments, suits, costs, expenses (including the reasonable fees and expenses of counsel) and disbursements of any kind whatsoever (together<B>,</B> &#147;<B>Liabilities</B>&#148;) arising out of or by reason of any investigation or litigation or other proceedings (including any threatened investigation or litigation or other proceedings) related to the entering into and/or performance of this Agreement or any other Credit Document or related document or the use of proceeds of the Loans or the consummation of any of the transactions contemplated hereby or in any other Credit Document or the performance of any of their duties and obligations or the exercise of any of their rights or remedies provided herein or in the other Credit Documents, including, without limitation, the reasonable fees and disbursements of counsel incurred in connection with any such investigation or litigation or other proceedings (but excluding any such Liabilities to the extent determined by the final and nonappealable judgment of a court of competent jurisdiction to specifically have been proximately caused by the gross negligence or willful misconduct of the Person to be indemnified).<B>&nbsp;</B>To the extent that the undertaking to indemnify, pay and hold harmless set forth in the preceding sentences may be unenforceable, the Borrower and each Guarantor shall contribute the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Liabilities incurred by the Indemnified Parties or any of them.</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
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    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Without limiting the foregoing, the Borrower and the Guarantors, jointly and severally, will defend, indemnify and hold harmless the Indemnified Parties from and against any Liabilities of whatever kind or nature, known or unknown, contingent or otherwise, arising out of, or in any way relating to any violation or noncompliance with or liability under any Environmental Laws or any orders, requirements or demands of any Governmental Authorities related thereto (including without limitation, attorney&#146;s fees, court costs and litigation expenses), but excluding any Liabilities to the extent determined by the final and nonappealable judgment of a court of competent jurisdiction to specifically have been proximately caused by the gross negligence or willful misconduct of the Person to be indemnified.</FONT></TD></TR>
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    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Except as expressly set forth in the Credit Documents, no Lender or Agent shall have any obligation or liability, whether direct, indirect, implied or otherwise, to the Borrower, any Guarantor or any other Person whatsoever except to the extent that a Liability incurred by the Borrower, a Guarantor or other Person is determined by the final and non-appealable judgment of a court of a competent jurisdiction to specifically have been proximately caused by the gross negligence or willful misconduct of such Lender or Agent, as the case may be.</FONT></TD></TR>
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    <TD STYLE="width: 72.19pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No Indemnified Party shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby.</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
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    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.15</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Waiver of Jury Trial
    and Special Damages. </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THE BORROWER, EACH GUARANTOR, EACH
    LENDER, EACH AGENT AND EACH LEAD ARRANGER</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> <B>HEREBY KNOWINGLY,
    VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR
    ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION WITH THIS AGREEMENT,
    OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE BORROWER, THE GUARANTORS,
    THE AGENTS, THE LEAD ARRANGERS OR THE LENDERS. THE BORROWER AND EACH GUARANTOR ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED
    FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH SUCH OTHER DOCUMENT TO WHICH IT IS
    A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDERS, EACH AGENT AND EACH LEAD ARRANGER</B> <B>ENTERING
    INTO THIS AGREEMENT AND EACH SUCH OTHER DOCUMENT. EXCEPT AS PROHIBITED BY LAW, THE BORROWER AND EACH GUARANTOR HEREBY WAIVES
    ANY RIGHTS IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR
    ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES.</B></FONT></TD></TR>
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    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">11.16</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Survival. </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The obligations of the Borrower and the Guarantors, as the case may be, under Sections 2.8, 2.12, 2.13, 8, 11.3, 11.13 and 11.14, and of the Lenders under Section 10.7, shall survive the final and indefeasible repayment of the Loans, the resignation or removal of any Agent and the termination of this Agreement.</FONT></TD></TR>
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    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">11.17</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Neutral Interpretation</B>. </FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In the interpretation of the Credit Documents, no party shall be deemed the drafting party and each provision hereof and thereof shall be interpreted neutrally with no presumption arising in favor of one party or the other based upon which party prepared the drafts or the final version hereof or thereof.</FONT></TD></TR>
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    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">11.18</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Usury. </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Anything herein to the contrary notwithstanding, the obligations of the Borrower under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to the Lenders limiting rates of interest which may be charged or collected by the Lenders, and, in such event, the rates of interest shall be reduced to the maximum permitted by the applicable law.</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
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    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.19</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Acknowledgements.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> The Borrower and the Guarantors hereby acknowledge that (a) they have been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Credit Documents; and (b) none of the Agents, the Lead Arrangers, nor the Lenders has a fiduciary relationship to the Borrower or any Guarantor, and the relationship between the Agents, the Lead Arrangers, and the Lenders, on the one hand, and the Borrower and the Guarantors, on the other hand, is solely that of debtor and creditor.</FONT></TD></TR>
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    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.20</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Confidentiality/ US Patriot Act Notice/Anti-Money Laundering.</B></FONT></TD></TR>
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    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Except for disclosures authorized by the next sentence, each Agent and Lender will treat all information delivered by the Borrower or Guarantors pursuant to this Agreement, or obtained pursuant to the exercise of its inspection rights hereunder, as confidential information, other than information that is publicly available (other than by breach of this Agreement) and information that becomes available to such Agent or such Lender from a Person not known to be under any duty of confidentiality to the Borrower or Guarantors, as the case may be, with respect to such information. The Borrower and each Guarantor hereby authorizes each Agent and Lender to disclose information relating to the Borrower, the Guarantors and/or their respective affiliates to any of such Agents or Lenders or their respective Affiliates, any regulatory, tax, customs or judicial authority, any rating agency, auditor, insurance or reinsurance broker, professional advisor, insurer, reinsurer and, as the case may be, in connection with any securitization or other risk transfer or hedging transaction or any other transaction under which payments are to be made by reference to any Credit Document or to the Borrower and/or any Guarantor, including without limitation any actual or potential participants or assignees (but in the case of disclosure to actual or potential participants or assignees, only if such potential or actual transferee has been made aware of this Section 11.20(a) and has agreed to be bound by its provisions as if it were a party hereto), if such Agent or Lender deems such disclosure to be necessary or advisable in carrying out its duties, obligations, commitments or activities, in exercising its rights hereunder, or for the purpose of its asset, liability or risk management policies, or as may be required by law, regulation or judicial process.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="width: 72.19pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each Lender and each Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower and the Guarantors that pursuant to the requirements of the Patriot Act, it may be required to obtain, verify and record information that identifies the Borrower and the Guarantors, including the name and address of each thereof and other information that allows such Lender or Agent, as the case may be, to identify the Borrower and/or the Guarantors in accordance with the Patriot Act. The Borrower and each Guarantor shall provide such information and take such actions as are requested by each such Lender or Agent to comply with the Patriot Act.</FONT></TD></TR>
</TABLE>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower and each Guarantor will promptly on the request of a Lender supply to that Lender any documentation or other evidence that is reasonably required by that Lender (whether for itself, on behalf of any other Lender or any prospective new Lender) to enable a Lender or prospective new Lender to carry out and be satisfied with the results of all applicable identification checks that a Lender is obliged to carry out in order to meet its obligations under any applicable law or regulation to identify a Person who is (or is to become) its customer.</FONT></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Borrower and each Guarantor will promptly submit to the Administrative Agent such information and documents as the Administrative Agent on behalf of a Lender may reasonably request in order to comply with that Lender&#146;s obligations to prevent money laundering and to conduct ongoing monitoring of its business relationship with the Borrower and the Guarantors.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.21</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>English Language.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> In the construction and interpretation of this Agreement, the English language version thereof shall be the official version, and any version that has been translated into any other language shall have no force or effect except for purposes of enforcing this Agreement in a court of law that requires that this Agreement be presented thereto in another language. All notices and documents to be furnished under this Agreement shall be in the English language.</FONT></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.22</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Authorization.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> The Borrower and each Guarantor irrevocably and unconditionally authorize each Lender, until all the Obligations are satisfied in full, to consult:</FONT></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the consolidated information concerning it held in the Central Bank of Brazil&#146;s database, pursuant to the terms of Resolution nr. 3658 of the Brazilian National Monetary Council (<I>Conselho Monet&aacute;rio Nacional</I>), as such Resolution may be altered and/or amended from time to time;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">information concerning its financial derivatives position, pursuant to the terms of Resolution nr. 3908 of the Brazilian National Monetary Council, as such Resolution may be altered and/or amended from time to time; and</FONT></TD></TR>
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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">information concerning transactions undertaken by it in the foreign exchange market, as made available by the Central Bank of Brazil, in order to accompany the performance of the Borrower or relevant Guarantor, as the case may be, pursuant to the terms of Resolution nr. 3920 of the Brazilian National Monetary Council, as such Resolution may be altered and/or amended from time to time.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.23</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Entire Agreement.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> <B>THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES.</B></FONT></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; font-size: 10pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>IN WITNESS WHEREOF,</B>
the parties hereto have caused this Agreement to be duly executed and delivered, by their respective duly authorized representatives,
as of the date first above written.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 44%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>ADECOAGRO VALE DO IVINHEMA S.A.</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>as Borrower</I></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>ADECOAGRO BRASIL PARTICIPA&Ccedil;&Otilde;ES S.A.</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>as Guarantor</I></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>USINA MONTE ALEGRE LTDA.</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>as Guarantor</I></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="border-bottom: black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
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    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>ING BANK N.V.</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>as Administrative Agent and Collateral Agent</I></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
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    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>ING BANK N.V., S&atilde;o Paulo Branch</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>as Brazilian Collateral Agent</I></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>ING CAPITAL LLC</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>as a Lead Arranger</I></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Address for notices:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>ING Capital LLC</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">c/o Av. Pres. Juscelino
Kubitschek, 510 &ndash; 3<SUP>o</SUP><FONT STYLE="vertical-align: text-top"> </FONT>andar</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">S&atilde;o Paulo, SP
04543-000, Brazil</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Tel.: +55-11-4504-6471/6282</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Fax: +55-11-4504-6302</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Attn: Alcides Santos/Katia
Garcia</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">e-mail: <FONT STYLE="color: #0000ff"><U>alcides.santos@americas.ing.com</U></FONT>
/ <FONT STYLE="color: #0000ff"><U>katia.garcia@americas.ing.com</U></FONT></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>RABOBANK CURA&Ccedil;AO N.V.</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>as a Lead Arranger</I></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>Name:</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>Title:</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notices:</B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><U>Address</U>:<FONT STYLE="color: #000099">&nbsp;</FONT>Av das Na&ccedil;&otilde;es
Unidas 12.995 &ndash; 7&ordm; andar &ndash; SP/Brazil &ndash; 04578-000</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Attn.</U>: Operations
Wholesale / Offshore</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Tel.</U>: + 55 11 5503-7452</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>E-mail</U>: <FONT STYLE="color: #0000ff"><U>opsoff@rabobank.com</U></FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Account Details:</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Correspondent Bank</U>:
JPMorgan Chase Bank New York</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>SWIFT</U>: CHASUS33</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Account nr.</U>: 400-212420</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Account Name</U>:&nbsp;Rabobank
Cura&ccedil;ao N.V.</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>ABA</U>: 021000021</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Reference</U>: Adeco
US$160mm EPP</P>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>ING BANK N.V.</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>as a Lender</I></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>Name:</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>Title:</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notices:</B></P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Address</U>: Av. Pres.
Juscelino Kubitschek, 510 &ndash; 3<SUP>o</SUP><FONT STYLE="vertical-align: text-top"> </FONT>andar, S&atilde;o Paulo, SP, 04543-000,
Brazil</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Attn.</U>: Alcides Santos/Katia
Garcia</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Tel.</U>: +55-11-4504-6471/6282</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Fax</U>: +55-11-4504-6302</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>E-mail</U>: <FONT STYLE="color: #0000ff"><U>alcides.santos@americas.ing.com</U></FONT>
/ <FONT STYLE="color: #0000ff"><U>katia.garcia@americas.ing.com</U></FONT></P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Account Details:</B></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Correspondent Bank</U>:
JPMorgan Chase Bank &ndash; New York &ndash; N.Y. &ndash; U.S.A.</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>SWIFT</U>: CHASUS33</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Account nr.</U>: 066709547</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Account Name</U>: ING
Financial Services LLC Loan Services on behalf of and for the benefit of ING Bank NV (Amsterdam Service Center)</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>ABA</U>: 021000021</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Reference</U>: Adecoagro
2014</P>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>RABOBANK CURA&Ccedil;AO N.V.</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>as a Lender</I></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>Name:</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>Title:</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notices:</B></P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Address</U>:<FONT STYLE="color: #000099">&nbsp;</FONT>Av
das Na&ccedil;&otilde;es Unidas 12.995 &ndash; 7&ordm; andar &ndash; SP/Brazil &ndash; 04578-000</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Attn.</U>: Operations
Wholesale / Offshore</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Tel.</U>: + 55 11 5503-7452</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>E-mail</U>: <FONT STYLE="color: #0000ff"><U>opsoff@rabobank.com</U></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Account Details:</B></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Correspondent Bank</U>:
JPMorgan Chase Bank New York</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>SWIFT</U>: CHASUS33</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Account nr.</U>: 400-212420</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Account Name</U>:&nbsp;Rabobank
Cura&ccedil;ao N.V.</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>ABA</U>: 021000021</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Reference</U>: Adeco
US$160mm EPP</P>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>ABN AMRO BANK N.V.</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>as a Lender</I></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>Name:</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>Title:</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notices:</B></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><U>Address</U>: Rua Leopoldo Couto de Magalh&atilde;es Jr., 700 &ndash;
4th floor, 04542-000 S&atilde;o Paulo, SP, Brazil</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Attn.</U>: Leandro Almeida/Mauro
Rego/Larissa Oliveira/Margarete Ludovico</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Tel.</U>: +55-11-3073-7711/7422/7421/7418</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Fax</U>: +55-11-3073-7404</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>E-mail</U>: <FONT STYLE="color: #0000ff"><U>leandro.almeida@br.abnamro.com</U></FONT>
/ <FONT STYLE="color: #0000ff"><U>mail_ectservicesbrazil@br.abnamro.com</U></FONT></P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Address</U>: Coolsingel,
93, Rotterdam, 3000 AS, The Netherlands</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Attn.</U>: Dien Quan</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Tel.</U>: +31-10-4016601</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Fax</U>: +31-10-4016118</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>E-mail</U>: <FONT STYLE="color: #0000ff"><U>dien.quan@nl.abnamro.com</U></FONT></P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Account Details:</B></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Correspondent Bank</U>:
Bank of America International &ndash; New York</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>SWIFT</U>: BOFAUS3N</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Account nr.</U>: 6550368324</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Account Name</U>: ABN
AMRO Bank N.V., Amsterdam</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>SWIFT</U>: ABNANL2A</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>FFC</U>: Adecoagro Vale
do Ivinhema S.A.</P>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>CR&Eacute;DIT AGRICOLE CORPORATE AND INVESTMENT BANK</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>as a Lender</I></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>Name:</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>Title:</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notices:</B></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><U>Address</U>: Broadwalk House, 5, Appold St., London EC2A 2DA</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Attn.</U>: Loans Admin.,
c/c Agency &amp; Middle Office - SFI</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Tel.</U>: + 44-20-7214-6672/6718</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Fax</U>: + 44-20-7214-6816
and + 44-20-7214-6683</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>E-mail</U>: <FONT STYLE="color: #0000ff"><U>syndloans@ca-cib.com</U></FONT>
/ <FONT STYLE="color: #0000ff"><U>sfi_middleofficescflondon@ca-cib.com</U></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Account Details:</B></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Correspondent Bank</U>:
Citibank, New York</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>SWIFT</U>: CITIUS33</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Account nr.</U>: 36254109</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Account Name</U>: Credit
Agriciole Corporate and Investment Bank, London</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>SWIFT: CRLYGB2L</U></P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Attn.: Loans Admin</U></P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Reference</U>: Adecoagro
Vale do Ivinhema S.A.</P>





<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<!-- Field: Page; Sequence: 95; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>HSBC BANK BRASIL S.A. &ndash; BANCO M&Uacute;LTIPLO, GRAND CAYMAN BRANCH</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>as a Lender</I></P></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>Name:</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>Title:</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notices:</B></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><U>Address</U>: Av. Brig. Faria Lima, 3064 &ndash; 3o andar, S&atilde;o
Paulo, SP</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Attn.</U>: Marcelo Tambelli</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Tel.</U>: + 55-11-96448-0962</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>E-mail</U>: <FONT STYLE="color: #0000ff"><U>marcelo.taqmbelli@hsbc.com.br</U></FONT></P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Address</U>: R. Duque
de Caxias, 595, Ribeir&atilde;o Preto, SP</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Attn.</U>: Gustavo Sigiani</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Tel.</U>: + 55-16-3977-5083</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>E-mail</U>: <FONT STYLE="color: #0000ff"><U>gustavo.a.sigiani@hsbc.com.br</U></FONT></P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Address</U>: R. Dr. Seidel,
425 &ndash; 1o andar, S&atilde;o Paulo, SP</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Attn.</U>: Marco A. Jorge
Cordeiro</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Tel.</U>: + 55-11-3646-3521</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>E-mail</U>: <FONT STYLE="color: #0000ff"><U>marco.a.cordeiro@hsbc.com.br</U></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Account Details:</B></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Correspondent Bank</U>:
HSBC Bank U.S.A., New York, - USA</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Account nr.</U>: 000055212</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Account Name</U>: HSBC
Bank Brasil S.A. &ndash; Banco M&uacute;ltiplo, Grand Cayman Branch</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Attn</U>.: Marco A. Cordeiro/Rafael
F. Augusto</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>CAIXA GERAL DE DEP&Oacute;SITOS, S.A. - NEW YORK BRANCH</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>as a Lender</I></P></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>Name:</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>Title:</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notices:</B></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><U>Address</U>: 733 Third Avenue, 22<SUP>nd</SUP><FONT STYLE="vertical-align: text-top">
</FONT>floor, New York, NY 10017</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Attn.</U>: Dale Prosinowski/Anna
Vivelo/Lane Li/Paula Ferreira</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Tel.</U>: +1-212-557-0025</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Fax</U>: +1-212-687-0848</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>E-mail</U>: <FONT STYLE="color: #0000ff"><U>dale.prusinowksi@cgdus.com</U></FONT>
/ <FONT STYLE="color: #0000ff"><U>operationsdept@cgdus.com</U></FONT> / <FONT STYLE="color: #0000ff"><U>Paula.ferreira@cgdus.com</U></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Account Details:</B></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Correspondent Bank</U>:
Citibank, New York</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>SWIFT</U>: CITIUS33</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Account nr.</U>: 36151281</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Account Name</U>: Caixa
Geral de Depositos, New York</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>SWIFT</U>: CGDIUS33</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>ABA</U>: 021000089</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Reference</U>: Adecoagro
&ndash; USD 160 million Export Prepayment Facility</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin: 0pt 0">&nbsp;</P>



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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>GALENA COMMODITY TRADE FINANCE MASTER FUND LIMITED</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>as a Lender</I></P></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>Name:</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>Title:</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Notices:</B></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><U>Address</U>: Rue de Jargonnant, 1 &ndash; 1207 Geneva, Switzerland</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Attn.</U>: Alexandre
Vieira/Gregoire Lamare/Thomas Randall</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Tel.</U>: +41-22-592-3715/+44-207-170-7760</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Fax</U>: +41-22-594-6901</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>E-mail</U>: <FONT STYLE="color: #0000ff"><U>galenactff@galena-invest.com</U></FONT>
/ <FONT STYLE="color: #0000ff"><U>alexandre.vieira@galena-invest.com</U></FONT> /</P>

<P STYLE="text-align: left; text-indent: -9pt; margin: 0pt 0 0pt 38pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: #0000ff">&nbsp;<U>gregoire.lamare@galena-invest.com</U></FONT>
/ <FONT STYLE="color: #0000ff"><U>tom.randall@galena-invest.com</U></FONT> /</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 29pt; font: 10pt Times New Roman, Times, Serif; color: #0000ff">&nbsp;<U>galenactff-settlements@galena-invest.com</U></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Account Details:</B></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Correspondent Bank</U>:
The Bank of New York, New York</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Correspondent SWIFT</U>:
IRVTUS3N</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Correspondent Account
nr.</U>: 021 000 018</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Name of Beneficiary: Galena
Commodity Trade Finance Master Fund Limited</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Beneficiary Account nr.</U>:
8900285451</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Beneficiary Bank Name: The
Bank of New York Mellon SA</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Beneficiary Bank SWIFT</U>:
IRVTBEBB:</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Special Instruction</U>:
FFC a/c 334702 8400 (Galena Com Trade Fin Fd Mas Ltd)</P>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>



<!-- Field: Page; Sequence: 98; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --> ~</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 44%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Witness:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2">Witness:</TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ID:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>ID:</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->




<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 14.15pt 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>SCHEDULE
1</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 14.15pt 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>COMMITMENTS</U></P>



<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-top: black 1pt solid; width: 79%; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Lender</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; width: 21%; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Commitment
    (US$)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: justify; padding-right: 14.4pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ING Bank N.V.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-right: 8.1pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">40,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: justify; padding-right: 14.4pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rabobank Cura&ccedil;ao N.V.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-right: 8.1pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: justify; padding-right: 14.4pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ABN AMRO Bank N.V.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-right: 8.1pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: justify; padding-right: 14.4pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cr&eacute;dit Agricole Corporate and Investment Bank</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-right: 8.1pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 45pt; text-align: left; padding-right: 14.4pt; text-indent: -36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">HSBC Bank Brasil S.A. - Banco M&uacute;ltiplo, Grand Cayman Branch</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-right: 8.1pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: justify; padding-right: 14.4pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Caixa Geral de Dep&oacute;sitos, S.A. - New York Branch</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-right: 8.1pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: justify; padding-right: 14.4pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Galena Commodity Trade Finance Master Fund Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-right: 8.1pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: justify; padding-right: 14.4pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-right: 8.1pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>160,000,000.00</B></FONT></TD></TR>
</TABLE>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<!-- Field: Page; Sequence: 100; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>SCHEDULE 2</B></P>



<P STYLE="text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>LIST OF ELIGIBLE OFF-TAKERS</U></P>



<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; border-top: black 1pt solid; width: 50%; text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">ADM</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Alcotra</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">BP</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Bunge</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Cargill</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Chemoil</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Chevron</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">CHS</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Copersucar</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Cropenergies</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Czarnikow</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Eco-Energy</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">ED&amp;F Man</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">EISA</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">ExxonMobile</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Gavillon</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Glencore</P></TD>
    <TD STYLE="border: black 1pt solid; width: 50%; text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Greenergy</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Gunvor</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Kolmar</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Louis Dreyfus</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Mitsui</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Morgan Stanley</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Noble</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Petrobras Trading</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Phillips66</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Raizen Trading</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Sojitz</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Sucden</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Tate &amp; Lyle Sugar</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Toyota Tsusho Sugar Trading Ltd.</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Valero</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Vitol</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">Wilmar</P></TD></TR>
</TABLE>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<!-- Field: Page; Sequence: 101; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --> ~</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>SCHEDULE 3</B></P>



<P STYLE="text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>MORTGAGED PROPERTIES</U></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Sans-Serif; color: Red; margin-top: 0pt; margin-bottom: 0pt"><B><IMG SRC="img001_v1.jpg" ALT=""></B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SCHEDULE 4</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>LIENS EXISTING ON THE
EXECUTION DATE</U></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>Adecoagro Vale do Ivinhema
S.A.</U></P>





<P STYLE="text-align: center; font: 10pt Sans-Serif; color: Red; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="img002_v1.jpg" ALT=""></P>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><U>Usina Monte Alegre
Ltda.</U></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Sans-Serif; color: Red"><IMG SRC="img003_v1.jpg" ALT=""></P>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SCHEDULE 5</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>TAX LIENS FILED AGAINST
PROPERTIES</U></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Sans-Serif; color: Red; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="img004_v1.jpg" ALT=""></P>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Sans-Serif; color: Red; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="img005_v1.jpg" ALT=""></P>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ANNEX A</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>FORM OF PROMISSORY
NOTE</U></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;<U>NOTA PROMISS&Oacute;RIA</U></B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>N&ordm;</B>: [&bull;]</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Valor: </B>US$<B>&nbsp;</B>[&bull;]</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Data de Emiss&atilde;o</B>:
[&bull;] de [&bull;] de 2014.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Local de Emiss&atilde;o</B>:
Munic&iacute;pio de Ang&eacute;lica, Estado do Mato Grosso do Sul</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Pra&ccedil;a de Pagamento</B>:
Munic&iacute;pio de S&atilde;o Paulo, Estado de S&atilde;o Paulo</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Vencimento</B>: &agrave;
vista. De acordo com o Art. 34 do Decreto-Lei n&ordm; 57.663/66, fica o detentor da presente Nota Promiss&oacute;ria autorizado
a apresent&aacute;-la dentro do prazo de at&eacute; 05 (cinco) anos contados da presente data.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Refer&ecirc;ncia</B>:
<I>Export Prepayment Finance Agreement</I> (contrato de pr&eacute;-pagamento de exporta&ccedil;&atilde;o), celebrado em 5 de novembro
de 2014 entre a Emitente (abaixo definida) e o ING Bank N.V., entre outros (&#147;<B>Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o</B>&#148;)</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Emitente</B>:<B>&nbsp;</B>Adecoagro
Vale do Ivinhema S.A.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Mediante apresenta&ccedil;&atilde;o
da presente <B>NOTA PROMISS&Oacute;RIA</B>, que s&oacute; poder&aacute; ser exigida nos termos do contrato em refer&ecirc;ncia,
a <B>ADECOAGRO VALE DO IVINHEMA S.A.</B>, sociedade limitada com sede na cidade de Ang&eacute;lica, Estado de Mato Grosso do Sul,
na Estrada Continental, km 15, Fazenda Takuar&ecirc;, s/n. Zona Rural, inscrita no CNPJ/MF sob n&ordm; 07.903.169/0001-09, neste
ato representada por seus representantes, os senhores Leonardo Ra&uacute;l Berridi, brasileiro, casado, engenheiro, portador da
carteira de identidade n&ordm; 58.831.136-4 e inscrito no CPF sob n&ordm;.&nbsp;231.115.108-83, e Renato Junqueira Santos Pereira,
brasileiro, casado, engenheiro agr&ocirc;nomo, portador da carteira de identidade n&ordm; 28.119.168-2 e inscrito no CPF sob o
n.&ordm; 199.560.208-69, ambos residentes e domiciliados no Munic&iacute;pio de S&atilde;o Paulo, Estado de S&atilde;o Paulo, e
com escrit&oacute;rio na Rua Iguatemi, n&deg; 192, 12&ordm; andar, Munic&iacute;pio de S&atilde;o Paulo, Estado de S&atilde;o Paulo,
<B>pagar&aacute; incondicionalmente e &agrave; vista </B>ao<B> [</B>&bull;<B>]</B>, institui&ccedil;&atilde;o financeira constitu&iacute;da
de acordo com as leis de <B>[</B>&bull;<B>]</B>, com sede na cidade de <B>[</B>&bull;<B>]</B>, em <B>[</B>&bull;<B>]</B>, (o &#147;<B>Credor</B>&#148;),
ou &agrave; sua ordem, a quantia de US$<B>&nbsp;</B>[&bull;], convertido em moeda corrente nacional, mediante a utiliza&ccedil;&atilde;o
da taxa de c&acirc;mbio de venda publicada pelo Banco Central do Brasil em sua p&aacute;gina na internet, referente ao &uacute;ltimo
dia &uacute;til imediatamente anterior ao do efetivo pagamento desta Nota Promiss&oacute;ria. A Emitente e os Avalistas, por este
ato, renunciam a toda e qualquer formalidade, tal como pedido de protesto, notifica&ccedil;&atilde;o ou aviso de qualquer natureza
com rela&ccedil;&atilde;o a esta Nota Promiss&oacute;ria.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Esta Nota Promiss&oacute;ria
s&oacute; poder&aacute; ser endossada concomitantemente com a cess&atilde;o parcial ou integral dos direitos e das obriga&ccedil;&otilde;es
do Credor sob o Contrato de Pr&eacute;-Pagamento de Exporta&ccedil;&otilde;es, nos termos da Clausula 11.1 do mesmo.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Esta Nota Promiss&oacute;ria
&eacute; regida pelas leis da Rep&uacute;blica Federativa do Brasil.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Ang&eacute;lica, [&bull;]
de ____ de 2014.</P>



<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Emitente:</B></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="padding-bottom: 2px; width: 34%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 33%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; width: 33%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ADECOAGRO VALE
DO IVINHEMA S.A.</B></P>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>[Verso da Nota Promiss&oacute;ria
n&ordm; [&bull;]]</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Avalistas:</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Bom por aval:</B></P>




<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="padding-bottom: 2px; width: 34%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 33%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; width: 33%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>ADECOAGRO BRASIL PARTICIPA&Ccedil;&Otilde;ES
S.A.</B></P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Bom por aval:</B></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="padding-bottom: 2px; width: 34%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 33%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; width: 33%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>USINA MONTE ALEGRE
LTDA.</B></P>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>ANNEX B</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>FORM OF NOTICE OF DRAWDOWN</U></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: right; text-indent: 36pt; margin: 0pt 0 0pt 216pt; font: 10pt Times New Roman, Times, Serif">______ __, 2014</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">ING BANK N.V.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As Administrative Agent</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">c/o Av. Pres. Juscelino
Kubitschek, 510 &ndash; 3<SUP>o</SUP><FONT STYLE="vertical-align: text-top"> </FONT>andar</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">S&atilde;o Paulo 04543-000</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">SP, Brazil</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Re:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Finance Agreement dated as of November 5, 2014</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Ladies and Gentlemen:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We refer to the Export
Prepayment Finance Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to time, the &#147;Export
Prepayment Finance Agreement&#148;) dated as of November 5, 2014 among Adecoagro Vale do Ivinhema S.A. as the Borrower, the Guarantors,
ING Bank N.V., as the Administrative Agent and the Collateral Agent, the Brazilian Collateral Agent, the Lead Arrangers and the
Lenders party thereto. Terms defined in the Export Prepayment Finance Agreement shall have the same meaning in this Notice of Drawdown.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We hereby give you notice
that, pursuant to the Export Prepayment Finance Agreement and on [&bull;], 201_, Adecoagro Vale do Ivinhema S.A. wishes to borrow
Loans in the amount of U.S.$ [&bull;], upon the terms and subject to the conditions contained therein. Please credit the proceeds
of the Loans in accordance with the procedure set forth in the Export Prepayment Finance Agreement to account no. [&bull;] of [Name
of Bank].</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We confirm that, on the
date hereof, the representations set out in Section 3 thereof are true and correct, we are in compliance in all respects with the
covenants set out in Sections 5 and 6 thereof, and no Default has occurred and is continuing.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>ADECOAGRO VALE DO IVINHEMA
S.A.</B></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 48%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>ANNEX C</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>FORM OF ASSIGNMENT
AND ACCEPTANCE</U></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">ASSIGNMENT AND ACCEPTANCE</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Reference is made to
the Export Prepayment Finance Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to time,
the &#147;Export Prepayment Finance Agreement&#148;) dated as of November 5, 2014 among Adecoagro Vale do Ivinhema S.A. as the
Borrower, the Guarantors, ING Bank N.V., as the Administrative Agent and the Collateral Agent, the Brazilian Collateral Agent,
the Lead Arrangers and the Lenders party thereto. Terms defined in the Export Prepayment Finance Agreement are used herein as defined
therein.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">__________________________
(the &#147;Assignor&#148;) and ___________________________ (the &#147;Assignee&#148;) agree as follows:</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Assignor hereby irrevocably sells and assigns to the Assignee without recourse to the Assignor, and the Assignee hereby irrevocable purchases and assumes from the Assignor without recourse to the Assignor, as of the Assignment Effective Date (as defined below) an interest (the &#147;Assigned Interest&#148;) in and to the Assignor&#146;s rights and obligations in the Loans under the Export Prepayment Finance Agreement in the principal amount and percentage as set forth on Schedule 1 hereto, together with all rights related thereto under the other Credit Documents.</FONT></TD></TR>
</TABLE>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Assignor (i) represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that such interest is free and clear of any adverse claim, (ii) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in any Credit Document or in any instrument or document furnished pursuant thereto, or with respect to the execution, legality, validity, enforceability, genuineness, sufficiency or value of any Credit Document or any instrument or document furnished pursuant thereto; (iii) makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrower or any Guarantor or the performance or observance by the Borrower, the Importer or any Guarantor of any of their obligations under the Credit Documents or any instrument or document furnished pursuant thereto; and (iv) attaches the Notes currently held by it that are part of the Assigned Interest and requests that such Notes be exchanged for new Notes as follows: (a) a Note for an aggregate amount of US$ [&bull;] payable to the order of the Assignee, and, (b) if the Assignor is retaining any interest in the Loans, then a Note for an aggregate amount of US$ [&bull;] payable to the order of the Assignor.</FONT></TD></TR>
</TABLE>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>





<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Assignee (i) represents and warrants that it is legally authorized to enter into this Assignment and Acceptance; (ii) confirms that it has received a copy of the Credit Documents, together with copies of the financial statements delivered pursuant thereto, if any, and such
    other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this
    Assignment and Acceptance; (iii) agrees that it will, independently and without reliance upon the Assignor, the Agents or any
    other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own
    credit decisions in taking or not taking action under the Credit Documents or any instrument or document furnished pursuant
    thereto; (iv) hereby irrevocably designates and appoints each Agent as its agent under the Credit Documents and the documents
    delivered in connection therewith, and hereby irrevocably authorizes each Agent, in their respective capacities as such, to
    take such action as agent on its behalf and to exercise such powers and perform such duties under the Credit Documents or any
    document furnished pursuant thereto as are expressly delegated to the Agents by the terms of the Credit Documents, together
    with such other powers as are reasonably incidental thereto; and (v) agrees that it will be bound by the provisions of the
    Credit Documents and will perform in accordance with its terms all the obligations which by the terms of the Credit Documents
    are required to be performed by it as a Lender.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Following the execution of this Assignment and Acceptance, it will be delivered to the Administrative Agent for approval in accordance with the terms and conditions of the Export Prepayment Finance Agreement, and, if approved as provided in the Export Prepayment Finance Agreement, will be effective as of the date five Business Days after the date of such delivery unless the date of delivery to the Administrative Agent is less than ten (10) days before the next Interest Payment Date, in which case it will be effective on the first day after such Interest Payment Date (the &#147;Assignment Effective Date&#148;).</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Upon such approval and recording, from and after the Assignment Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignee whether such amounts have accrued prior to the Assignment Effective Date or accrue subsequent to the Assignment Effective Date. The Assignor and the Assignee shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Assignment Effective Date or with respect to the making of the assignment directly between themselves.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Upon such approval and recording, from and after the Assignment Effective Date, (i) the Assignee shall be a party to the Export Prepayment Finance Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and shall be bound by the provisions thereof and (ii) the Assignor shall relinquish its rights and be released from its obligations under the Export Prepayment Finance Agreement to the extent of the Assigned Interest and, if this Assignment and Acceptance covers all or the remaining portion of the Assignor&#146;s rights and obligations under the Export Prepayment Finance Agreement, the Assignor shall cease to be a party to the Export Prepayment Finance Agreement, except as provided otherwise in Section 11.1(a) thereof.</FONT></TD></TR>
</TABLE>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This Assignment and Acceptance shall be governed by and construed in accordance with the laws of the State of New York, United States of America, including, without limitation, Section 5-1401 of the New York General Obligations Law, but excluding any conflicts of law principles that would lead to the application of the laws of another jurisdiction.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">IN WITNESS WHEREOF, the
parties hereto have caused this Assignment and Acceptance to be executed as of the date first above written by their respective
duly authorized officers on Schedule 1 hereto.</P>





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<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Schedule 1 to</P>



<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Assignment and Acceptance</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Relating to the Export
Prepayment Finance Agreement dated as of November 5, 2014 among Adecoagro Vale do Ivinhema S.A. as the Borrower, the Guarantors,
ING Bank N.V., as the Administrative Agent and the Collateral Agent, the Brazilian Collateral Agent, the Lead Arrangers and the
Lenders party thereto</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Name of Assignor:</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Name of Assignee:</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Assignment Effective Date:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Loan Principal Amount
Assigned:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Percentage of Loan Assigned:</P>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD COLSPAN="2" STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ASSIGNEE</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ASSIGNOR</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 48%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Address for Notices:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Approved and Accepted, if
required pursuant to Section 11.1(a):</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>ING Bank N.V</B><FONT STYLE="font-weight: normal">.,
<I>as Administrative Agent</I></FONT><B> </B></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 48%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>ANNEX D</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>CERTIFICATE OF OFFICER
OF BORROWER</U></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: right; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">[DATE]</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING
BANK N.V.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">As Administrative
Agent</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">c/o Av. Pres.
Juscelino Kubitschek, 510 &ndash; 3<SUP>o</SUP><FONT STYLE="vertical-align: text-top"> </FONT>andar</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">S&atilde;o Paulo
04543-000</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">SP, Brazil</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Re:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Finance Agreement dated as of November 5, 2014</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">I refer to the Export
Prepayment Finance Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to time, the &#147;Export
Prepayment Finance Agreement&#148;) dated as of November 5, 2014 among Adecoagro Vale do Ivinhema S.A. as the Borrower, the Guarantors,
ING Bank N.V., as the Administrative Agent and the Collateral Agent, the Brazilian Collateral Agent, the Lead Arrangers and the
Lenders party thereto. Terms defined in the Export Prepayment Finance Agreement shall have the same meaning in this Certificate.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">I am a _______[title]____________
of the Borrower and, pursuant to Section 4.1(c) of the Export Prepayment Finance Agreement, hereby certify in this certificate
(this &#147;Certificate&#148;) as follows:</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I am duly authorized to give this Certificate.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Powers</U>: Attached as <U>Exhibit A</U> to this Certificate are true, complete and up-to-date certified copies of the Governing Documents of the Borrower as in effect on the date hereof and on the date of the Borrower&#146;s execution and delivery of the Credit Documents to which it is a party. The Borrower is carrying on a business authorized under its Governing Documents. Neither the entry into the Credit Documents to which it is a party nor the execution and delivery of the Notes by the Borrower, nor the exercise of its rights and/or performance of or compliance with its obligations under the Credit Documents to which it is a party does or will violate, or exceed any borrowing or other power or restriction granted or imposed by, its Governing Documents.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Due Execution</U>: Attached as <U>Exhibit B</U> to this Certificate is an Incumbency List dated as of [&bull;], executed by the [&bull;] of the Borrower containing a list of the names and titles, and specimen of the signatures, of the persons who are at the date of this Certificate officers of the Borrower or attorneys-in-fact of the Borrower and who (either individually or with others, as provided in the [Resolutions/Governing Documents]<FONT STYLE="vertical-align: text-top">1</FONT>) are authorized, on behalf of the Borrower, to sign the Credit Documents to which it is a party and are authorized to give all communications and take any other action required under or in connection with the Credit Documents to which it is a party on behalf of the Borrower.</FONT></TD></TR>
</TABLE>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Due Authorization</U>: [Use this
    bracketed alternative if the Governing Documents <B>require approval</B> of the Board of Directors/shareholders and delete
    the other alternative:<FONT STYLE="color: #ff0000">&nbsp;</FONT>Attached as <U>Exhibit C</U> to this Certificate is a true
    and complete certified copy of the minutes of a duly convened meeting of its {board of directors, shareholders, members etc}<SUP>2
    </SUP>duly held on [&bull;], 2014, at which a duly constituted quorum was present and voting throughout and at which the resolutions
    set out in the minutes were duly passed and adopted (the &#147;Resolutions&#148;). Each of the Resolutions remains in full
    force and effect and has not been amended, varied, novated, supplemented, modified, revoked or rescinded. The Resolutions
    constitute all action necessary on the part of the Borrower to approve the execution and delivery by the Borrower of the Credit
    Documents to which it is a party, the borrowings thereunder and the performance by the Borrower of its obligations thereunder.]
    [Use this bracketed alternative if the Governing Documents <B>do not</B> require approval of the Board of Directors/shareholders
    and delete the other alternative: The Governing Documents of the Borrower provide all authorizations necessary for the Borrower
    to execute, deliver and perform the Credit Documents to which it is a party, and no further action is necessary for the Borrower
    to execute, deliver and perform the Credit Documents to which it is a party.]</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE=" text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Default</U>: No Default has occurred
    and is continuing as of the date of this Certificate.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Covenants and Representations and Warranties</U>: As of the date hereof the Borrower is in full compliance with all covenants under the Credit Documents that are applicable to it and all representations and warranties of the Borrower contained in the Credit Documents and any certificates, statements or other documents delivered pursuant thereto are true and correct as of this date.</FONT></TD></TR>
</TABLE>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="padding-bottom: 2px; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<div>
<HR ALIGN="LEFT" SIZE="1" color=black STYLE="width: 20%">
</div>
<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Choose as appropriate</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>



<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Insert the relevant corporate body (Board
    of Directors, Executive Committee) or other group (such as shareholders), as appropriate, if this bracketed clause is applicable</FONT></TD></TR>
</TABLE>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>EXHIBIT B TO CERTIFICATE
OF OFFICER</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">[BORROWER&#146;S LETTERHEAD]</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Incumbency Certificate</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">I, [<B>&bull;</B>], [title]
of ______________ (the &#147;<B>Borrower</B>&#148;), DO HEREBY CERTIFY, in connection with the Export Prepayment Finance Agreement
dated as of November 5, 2014 among Adecoagro Vale do Ivinhema S.A. as the Borrower, the Guarantors, ING Bank N.V., as the Administrative
Agent and the Collateral Agent, the Brazilian Collateral Agent, the Lead Arrangers and the Lenders party thereto (the &#147;<B>Agreement</B>&#148;),
that the following statements are true and correct:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
am a duly authorized and appointed officer of the Borrower, and I am authorized to execute this certificate on behalf of the Borrower;
and</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the date hereof, (a) the below named persons, having been duly elected and appointed by the Borrower, are duly authorized by
the Borrower to execute and deliver on its behalf the Agreement and any other agreement, instrument or document delivered under
the Agreement, and (b) the signature which appears opposite the name of each such person referred to in clause (a) above is a true
specimen of the signature of such person.</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 36%; text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Name</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Office</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Signature</P></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD STYLE="width: 32%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD STYLE="width: 32%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">[<B>&bull;</B>]</P></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">[<B>&bull;</B>]</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">IN WITNESS WHEREOF, I have
signed this certificate this [<B>&bull;</B>] day of [&bull;], 2014.</P>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name: [<B>&bull;</B>]</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: [<B>&bull;</B>]</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>ANNEX E</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>CERTIFICATE OF OFFICER
OF GUARANTOR</U></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: right; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">[DATE]</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING
BANK N.V.</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As Administrative Agent</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">c/o Av. Pres.
Juscelino Kubitschek, 510 &ndash; 3<SUP>o</SUP><FONT STYLE="vertical-align: text-top"> </FONT>andar</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">S&atilde;o Paulo
04543-000</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">SP, Brazil</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Re:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Finance Agreement dated as of November 5, 2014</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">I refer to the Export
Prepayment Finance Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to time, the &#147;Export
Prepayment Finance Agreement&#148;) dated as of November 5, 2014 among Adecoagro Vale do Ivinhema S.A. as the Borrower, the Guarantors,
ING Bank N.V., as the Administrative Agent and the Collateral Agent, the Brazilian Collateral Agent, the Lead Arrangers and the
Lenders party thereto. Terms defined in the Export Prepayment Finance Agreement shall have the same meaning in this Certificate.</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">I am a _______[title]____________
of [Adecoagro Brasil Participa&ccedil;&otilde;es S.A.][Usina Monte Alegre S.A.] (the &#147;Guarantor&#148;) and, pursuant to
Section 4.1(c) of the Export Prepayment Finance Agreement, hereby certify in this certificate (this &#147;Certificate&#148;)
as follows:</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I am duly authorized to give this Certificate.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Powers</U>: Attached as <U>Exhibit A</U> to this Certificate are true, complete and up-to-date certified copies of the Governing Documents of the Guarantor as in effect on the date hereof and on the date of the Guarantor&#146;s execution and delivery of the Credit Documents to which it is a party. The Guarantor is carrying on a business authorized under its Governing Documents. Neither the entry into the Credit Documents to which it is a party, nor the exercise of its rights and/or performance of or compliance with its obligations under the Credit Documents to which it is a party does or will violate, or exceed any power or restriction granted or imposed by, its Governing Documents.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Due Execution</U>: Attached as <U>Exhibit B</U> to this Certificate is an Incumbency List dated as of [&bull;], executed by the [&bull;] of the Guarantor containing a list of the names and titles, and specimen of the signatures, of the persons who are at the date of this Certificate officers of the Guarantor or attorneys-in-fact of the Guarantor and who (either individually or with others, as provided in the [Resolutions/Governing Documents]<FONT STYLE="vertical-align: text-top">3</FONT>) are authorized, on behalf of the Guarantor, to sign the Credit Documents to which it is a party and are authorized to give all communications and take any other action required under or in connection with the Credit Documents to which it is a party on behalf of the Guarantor.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Due Authorization</U>: [Use this bracketed alternative if the Governing Documents <B>require approval</B> of the Board of Directors/shareholders and delete the other alternative:<FONT STYLE="color: #ff0000">&nbsp;</FONT>Attached as <U>Exhibit C</U> to this Certificate is a true and complete certified copy of the minutes of a duly convened meeting of its {board of directors, shareholders, members etc}<FONT STYLE="vertical-align: text-top">4</FONT> duly held on [&bull;], 2014, at which a duly constituted quorum was present and voting throughout and at which the resolutions set out in the minutes were duly passed and adopted (the &#147;Resolutions&#148;). Each of the Resolutions remains in full force and effect and has not been amended, varied, novated, supplemented, modified, revoked or rescinded. The Resolutions constitute all action necessary on the part of the Guarantor to approve the execution and delivery by the Guarantor of the Credit Documents to which it is a party, the borrowings thereunder and the performance by the Guarantor of its obligations thereunder.] [Use this bracketed alternative if the Governing Documents <B>do not</B> require approval of the Board of Directors/shareholders and delete the other alternative: The Governing Documents of the Guarantor provide all authorizations necessary for the Guarantor to execute, deliver and perform the Credit Documents to which it is a party, and no further action is necessary for the Guarantor to execute, deliver and perform the Credit Documents to which it is a party.]</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Default</U>: No Default has occurred and is continuing as of the date of this Certificate.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Covenants and Representations and Warranties</U>: As of the date hereof the Guarantor is in full compliance with all covenants under the Credit Documents that are applicable to it and all representations and warranties of the Guarantor contained in the Credit Documents and any certificates, statements or other documents delivered pursuant thereto are true and correct as of this date.</FONT></TD></TR>
</TABLE>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="padding-bottom: 2px; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<div>
<HR ALIGN="LEFT" SIZE="1" color=black STYLE="width: 20%">
</div>


<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Choose as appropriate</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Insert the relevant corporate body (Board
    of Directors, Executive Committee) or other group (such as shareholders), as appropriate, if this bracketed clause is applicable</FONT></TD></TR>
</TABLE>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>EXHIBIT B TO CERTIFICATE
OF OFFICER</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">[GUARANTOR&#146;S LETTERHEAD]</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Incumbency Certificate</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">I, [<B>&bull;</B>], [title]
of [Adecoagro Brasil Participa&ccedil;&otilde;es S.A.][Usina Monte Alegre S.A.] (the &#147;<B>Guarantor</B>&#148;), DO HEREBY
CERTIFY, in connection with the Export Prepayment Finance Agreement dated as of November 5, 2014 among Adecoagro Vale do Ivinhema
S.A. as the Borrower, the Guarantors, ING Bank N.V., as the Administrative Agent and the Collateral Agent, the Brazilian Collateral
Agent, the Lead Arrangers and the Lenders party thereto (the &#147;<B>Agreement</B>&#148;), that the following statements are
true and correct:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
am a duly authorized and appointed officer of the Guarantor, and I am authorized to execute this certificate on behalf of the Guarantor;
and</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the date hereof, (a) the below named persons, having been duly elected and appointed by the Guarantor, are duly authorized by
the Guarantor to execute and deliver on its behalf the Agreement and any other agreement, instrument or document delivered under
the Agreement, and (b) the signature which appears opposite the name of each such person referred to in clause (a) above is a true
specimen of the signature of such person.</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 36%; text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Name</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Office</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Signature</P></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD STYLE="width: 32%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD STYLE="width: 32%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">[<B>&bull;</B>]</P></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">[<B>&bull;</B>]</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">IN WITNESS WHEREOF, I have
signed this certificate this [<B>&bull;</B>]<SUP>h</SUP> day of [&bull;], 2014.</P>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name: [<B>&bull;</B>]</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: [<B>&bull;</B>]</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>ANNEX F</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>FORM OF COMPLIANCE
CERTIFICATE</U></P>



<P STYLE="text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">ADECOAGRO VALE DO IVINHEMA
S.A.</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">COMPLIANCE CERTIFICATE</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: right; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;[DATE]</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING
BANK N.V.</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As Administrative Agent</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">c/o Av. Pres.
Juscelino Kubitschek, 510 &ndash; 3<SUP>o</SUP><FONT STYLE="vertical-align: text-top"> </FONT>andar</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">S&atilde;o Paulo
04543-000</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">SP, Brazil</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Re:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Finance Agreement dated as of November 5, 2014</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Ladies and Gentlemen:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">I refer to the Export
Prepayment Finance Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to time, the &#147;Export
Prepayment Finance Agreement&#148;) dated as of November 5, 2014 among Adecoagro Vale do Ivinhema S.A. as the Borrower, the Guarantors,
ING Bank N.V., as the Administrative Agent and the Collateral Agent, the Brazilian Collateral Agent, the Lead Arrangers and the
Lenders party thereto. Terms defined in the Export Prepayment Finance Agreement shall have the same meaning in this Certificate.</P>



<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0.5in; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">I am a [title] of the Borrower
and hereby certify in this certificate (this &#147;<U>Certificate</U>&#148;) as follows:</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 90%; margin-left: 0.5">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I am duly authorized to give this Certificate.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 90%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Default</U>: The information contained on Schedule A hereto is true and correct and no Default or Event of Default has occurred and is continuing (except for [&bull;] [describe default in reasonable detail and the action that the Borrower and/or the Guarantors have taken or proposes to take with respect thereto]).</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin: 0pt 0">&nbsp;</P>



<TABLE  BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 90%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Covenants and Representations and Warranties</U>: As of the date hereof the Borrower and the Guarantors are in full compliance with all covenants applicable to each of them under the Credit Documents and all representations and warranties thereof contained in the Credit Documents and any certificates, statements or other documents delivered pursuant thereto are true and correct as of this date.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>





<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Financial Officer</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Schedule A to Compliance
Certificate</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Entries on this Schedule
A represent descriptive references only to the corresponding components set forth in the relevant sections of the Export Prepayment
Finance Agreement (and the definitions therein ancillary thereto). This Certificate relates to the fiscal year of the Borrower
ended on [&bull;].</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 0.5in; font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ratio of its Net Worth to its Total Assets is:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 0.5in; font: 10pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ratio of its Net Debt to its Adjusted EBITDA is:</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 0.5in; font: 10pt Times New Roman, Times, Serif">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its
Interest Coverage Ratio is:</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 0.5in; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Export Prepayment Facility Agreement dated as of November 5, 2014 by and between Adecoagro Vale do Ivinhema S.A., ING Bank N.V. and Rabobank Cura&ccedil;ao N.V., among others.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>ANNEX G</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><U>FORM OF AGRICULTURAL
AND MERCANTILE PLEDGE AGREEMENT</U></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(begins on next page)</P>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <!-- Field: /Page -->



<P STYLE="margin: 0"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>s000878x1_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 8.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Subsidiaries of Adecoagro S.A.</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Majority Owned Subsidiaries:</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD NOWRAP STYLE="width: 7%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 55%"><FONT STYLE="font-size: 10pt"><B>Name </B></FONT></TD>
    <TD NOWRAP STYLE="width: 38%"><FONT STYLE="font-size: 10pt"><B>Place of Incorporation </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Adecoagro GP S.a r.l.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Luxembourg</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Adecoagro LP S.C.S</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Luxembourg</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">ONA Ltd. </FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Malta </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">TOBA Ltd. </FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Malta </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Kadesh Hispania S.L.U. </FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Spain </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Leterton Espa&ntilde;a S.L.U.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Spain </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Global Calidon S.L.U.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Global Acamante S.L.U.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Global Mirabilis S.L.U.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Global Carelio S.L.U.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Global Asterion S.L.U.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Global Pindaro S.L.U.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Global Acasto S.L.U.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">14</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Global Pileo S.L.U.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">15</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Global Anceo S.L.U.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">16</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Global Laertes S.L.U.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">17</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Global Seward S.L.U.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">18</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Peak Texas S.L.U.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">19</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Peak City S.L.U.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">20</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Global Hisingen S.L.U.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">21</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Adeco Agropecuaria S.A. </FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Argentina </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">22</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Pilag&aacute; S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Argentina </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">23</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Cavok S.A. </FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Argentina </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">24</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Establecimientos El Orden S.A. </FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Argentina </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">25</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Agro Invest S.A. </FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Argentina </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">26</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Forsalta S.A. </FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Argentina </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">27</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Ba&ntilde;ado del Salado S.A. </FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Argentina </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">28</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Dinaluca S.A. </FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Argentina </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">29</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Compa&ntilde;&iacute;a Agroforestal de Servicios y Mandatos S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Argentina </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">30</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Simoneta S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Argentina </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">31</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Ladelux S.A. </FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Uruguay </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">32</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Kelizer S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Uruguay </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">33</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Agroglobal S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Uruguay </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">34</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Adecoagro Brasil Participa&ccedil;&otilde;es S.A. </FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Brazil </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">35</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Adeco Agropecu&aacute;ria Brasil Ltda. </FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Brazil </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">36</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Usina Monte Alegre Ltda. </FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Brazil </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">37</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Adecoagro Vale do Ivinhema S.A. </FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Brazil </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">38</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Adecoagro Commodities Ltda.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Brazil</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
</TABLE>

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    <TD NOWRAP STYLE="background-color: #D9D9D9; width: 55%"><FONT STYLE="font-size: 10pt"><B>Non - consolidated Affiliated Entities</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #D9D9D9; width: 38%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="background-color: #D9D9D9"><FONT STYLE="font-size: 10pt"><B>Name </B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #D9D9D9"><FONT STYLE="font-size: 10pt"><B>Place of Incorporation </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">CHS Agro S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Argentina</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>4
<FILENAME>s000878x1_ex12-1.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="text-align: right; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Exhibit 12.1</B></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>CERTIFICATION PURSUANT
TO SECTION 302</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>OF THE SARBANES-OXLEY
ACT OF 2002 (18 U.S.C. &sect;1350)</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">I, Mariano Bosch, certify
that:</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="width: 96%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I have reviewed this annual report on Form 20-F of Adecoagro, S.A. for the fiscal year ended December 31, 2014;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="width: 96%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="width: 96%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD>
    <TD STYLE="width: 96%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The company&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the company and have:</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="width: 4%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 93%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="width: 4%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 93%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="width: 4%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 93%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Evaluated the effectiveness of the company&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="width: 4%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 93%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Disclosed in this report any change in the company&#146;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#146;s internal control over financial reporting; and</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD>
    <TD STYLE="width: 96%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The company&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&#146;s auditors and the audit committee of the company&#146;s board of directors (or persons performing the equivalent functions):</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="width: 4%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 93%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company&#146;s ability to record, process, summarize and report financial information; and</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="width: 4%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 93%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#146;s internal control over financial reporting.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:&nbsp;&nbsp;April 29, 2015</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left">/s/ Mariano Bosch</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; vertical-align: bottom; text-align: justify; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mariano Bosch</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Executive Officer</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>
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<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>5
<FILENAME>s000878x1_ex12-2.htm
<DESCRIPTION>EXHIBIT 12.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="text-align: right; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Exhibit 12.2</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>CERTIFICATION PURSUANT
TO SECTION 302</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>OF THE SARBANES-OXLEY
ACT OF 2002 (18 U.S.C. &sect;1350)</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">I, Carlos A. Boero Hughes,
certify that:</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="width: 96%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I have reviewed this annual report on Form 20-F of Adecoagro S.A. for the fiscal year ended December 31, 2014;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="width: 96%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="width: 96%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD>
    <TD STYLE="width: 96%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The company&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the company and have:</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="width: 4%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 93%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="width: 4%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 93%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="width: 4%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 93%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Evaluated the effectiveness of the company&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="width: 4%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 93%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Disclosed in this report any change in the company&#146;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#146;s internal control over financial reporting; and</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD>
    <TD STYLE="width: 96%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The company&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&#146;s auditors and the audit committee of the company&#146;s board of directors (or persons performing the equivalent functions):</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="width: 4%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 93%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company&#146;s ability to record, process, summarize and report financial information; and</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="width: 4%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 93%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#146;s internal control over financial reporting.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Date:&nbsp;&nbsp;April 29, 2015</P></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>/s/ Carlos A. Boero Hughes</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; vertical-align: bottom; text-align: left; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Carlos A. Boero Hughes</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>6
<FILENAME>s000878x1_ex13-1.htm
<DESCRIPTION>EXHIBIT 13.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="text-align: right; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Exhibit 13.1</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Officer Certifications</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Pursuant to Section&nbsp;906
of the Sarbanes-Oxley Act of 2002</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>(Subsections&nbsp;(a)&nbsp;and
(b)&nbsp;of Section&nbsp;1350, Chapter 63 of Title 18, United States Code)</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 27pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Pursuant to section&nbsp;906
of the Sarbanes-Oxley Act of 2002 (subsections&nbsp;(a)&nbsp;and (b)&nbsp;of section&nbsp;1350, chapter&nbsp;63 of title&nbsp;18,
United States Code), each of the undersigned officers of Adecoagro S.A., a corporation organized under the form of a <I>soci&eacute;t&eacute;
anonyme </I>under the laws of the Grand Duchy of Luxembourg (the &#147;Company&#148;), does hereby certify to such officer&#146;s
knowledge that:</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 27pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The annual report on
Form&nbsp;20-F for the fiscal year ended December 31, 2014 (the &#147;Form&nbsp;20-F&#148;) of the Company fully complies with
the requirements of section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form&nbsp;20-F
fairly presents, in all material respects, the financial condition and results of operations of the Company.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Dated:&nbsp;&nbsp;April 29, 2015</P></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Mariano Bosch&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; vertical-align: bottom; text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Name:&nbsp;&nbsp;Mariano Bosch</P></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Title:&nbsp;&nbsp;Chief Executive Officer</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 27pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A signed original of this
written statement required by Section&nbsp;906 has been provided to the Company and will be retained by the Company and furnished
to the Securities and Exchange Commission or its staff upon request.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>7
<FILENAME>s000878x1_ex13-2.htm
<DESCRIPTION>EXHIBIT 13.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="text-align: right; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Exhibit 13.2</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Officer Certifications</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Pursuant to Section&nbsp;906
of the Sarbanes-Oxley Act of 2002</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>(Subsections&nbsp;(a)&nbsp;and
(b)&nbsp;of Section&nbsp;1350, Chapter 63 of Title 18, United States Code)</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 27pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Pursuant to section&nbsp;906
of the Sarbanes-Oxley Act of 2002 (subsections&nbsp;(a)&nbsp;and (b)&nbsp;of section&nbsp;1350, chapter&nbsp;63 of title&nbsp;18,
United States Code), each of the undersigned officers of Adecoagro S.A., a corporation organized under the form of a <I>soci&eacute;t&eacute;
anonyme </I>under the laws of the Grand Duchy of Luxembourg (the &#147;Company&#148;), does hereby certify to such officer&#146;s
knowledge that:</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 27pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The annual report on
Form&nbsp;20-F for the fiscal year ended December 31, 2014 (the &#147;Form&nbsp;20-F&#148;) of the Company fully complies with
the requirements of section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form&nbsp;20-F
fairly presents, in all material respects, the financial condition and results of operations of the Company.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Dated: April 29, 2015</P></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Carlos A. Boero Hughes&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; vertical-align: bottom; text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Name:&nbsp;&nbsp;Carlos A. Boero Hughes</P></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 27pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A signed original of this
written statement required by Section&nbsp;906 has been provided to the Company and will be retained by the Company and furnished
to the Securities and Exchange Commission or its staff upon request.</P>

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<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>8
<FILENAME>s000878x1_ex15-1.htm
<DESCRIPTION>EXHIBIT 15.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 15.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>CONSENT OF CUSHMAN &amp; WAKEFIELD ARGENTINA S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.7pt 0pt 5pt; text-align: justify; text-indent: 0.5in">We hereby
consent to the use of our name in the Annual Report on Form F-20 of Adecoagro S.A. for the year ended December 31, 2014 and any
amendments thereto (the &ldquo;Annual Report&rdquo;) and the references to and information contained in the Cushman &amp; Wakefield
Argentina S.A. Appraisal of Real Property reports dated August 11 and September 30, 2014 prepared for Adecoagro S.A., wherever
appearing in the Annual Report, including but not limited to our company under the heading &ldquo;Item 4 &ndash; Information about
the Company&rdquo; in the Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.7pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Dated: April 27th, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 6pt 400.05pt">Cushman
&amp; Wakefield Argentina S.A.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 400.05pt"><IMG SRC="s000878x1_ex15-1.jpg" ALT="" STYLE="height: 142px; width: 225px"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 400.05pt">By:<BR>
Name: Julio C. Speroni<BR>
Title: Valuation Manager</P>

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<DOCUMENT>
<TYPE>EX-15.2
<SEQUENCE>9
<FILENAME>s000878x1_ex15-2.htm
<DESCRIPTION>EXHIBIT 15.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt; color: #0A0A0A"><B>Exhibit
15.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #0A0A0A"><U>&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #0A0A0A"><U>CONSENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.15pt; color: #0A0A0A">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 2.25pt 0pt 6.25pt; text-align: justify; text-indent: -0.95pt; color: #0A0A0A"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
hereby consent to the incorporation by reference </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">in </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">the
Registration Statement on Form S-8 (No. 333-173327) and in the Registration Statement on Form F-3 (No. 333-191325) of Adecoagro
SA of our report dated April 29, 2015 relating to the consolidated financial statements and the effectiveness of internal control
over financial reporting, which appears in this Form 20-F.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 2.25pt 0pt 6.25pt; text-align: justify; text-indent: -0.95pt; color: #0A0A0A">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.15pt"><IMG SRC="s000878x1_ex15-2.jpg" ALT="" STYLE="height: 124px; width: 215px"></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 330.55pt 0pt 7.7pt; text-align: justify; color: #0A0A0A">Buenos
Aires, Argentina</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 330.55pt 0pt 7.7pt; text-align: justify; color: #0A0A0A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 374.1pt 0pt 0.1in; text-align: justify; color: #0A0A0A">Apri129,
2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 374.1pt 0pt 0.1in; text-align: justify; color: #0A0A0A">&nbsp;</P>



<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
