<SEC-DOCUMENT>0001567619-15-000401.txt : 20150401
<SEC-HEADER>0001567619-15-000401.hdr.sgml : 20150401
<ACCEPTANCE-DATETIME>20150401085852
ACCESSION NUMBER:		0001567619-15-000401
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150331
FILED AS OF DATE:		20150401
DATE AS OF CHANGE:		20150401

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35052
		FILM NUMBER:		15741439

	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>6-K
<SEQUENCE>1
<FILENAME>s000827x1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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 <P STYLE="line-height: 1pt; margin-top: 0pt; margin-bottom: 2pt; border-bottom: #000000 1px solid">&nbsp;</P>
<P ALIGN="CENTER" STYLE="margin-top: 4pt; margin-bottom: 0pt; font: 18pt Times New Roman"><B>UNITED STATES </B></P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 18pt Times New Roman"><B>SECURITIES
AND EXCHANGE COMMISSION </B></P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P STYLE="line-height: 1pt; margin-top: 0pt; margin-bottom: 2pt; border-bottom: #000000 1pt solid">&nbsp;</P> <P ALIGN="CENTER" STYLE="margin-top: 6pt; margin-bottom: 0pt; font: 18pt Times New Roman"><B>FORM 6-K </B></P>
<P STYLE="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="line-height: 1pt; margin-top: 0pt; margin-bottom: 2pt; border-bottom: #000000 1pt solid">&nbsp;</P>
<P ALIGN="CENTER" STYLE="margin-top: 6pt; margin-bottom: 0pt; font: 12pt Times New Roman"><B>Report of Foreign Private Issuer </B></P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman"><B>Pursuant to Rule 13a-16 or 15d-16 under the </B></P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman"><B>Securities Exchange Act of 1934 </B></P>
<P ALIGN="CENTER" STYLE="margin-top: 12pt; margin-bottom: 0pt; font: 10pt Times New Roman"><B>For the month of March, 2015 </B></P>
<P ALIGN="CENTER" STYLE="margin-top: 12pt; margin-bottom: 0pt; font: 10pt Times New Roman"><B>Commission File Number 001-35052 </B></P> <P STYLE="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P STYLE="line-height: 1pt; margin-top: 0pt; margin-bottom: 2pt; border-bottom: #000000 1pt solid">&nbsp;</P> <P ALIGN="CENTER" STYLE="margin-top: 6pt; margin-bottom: 0pt; font: 24pt Times New Roman"><B>Adecoagro S.A. </B></P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman"><B>(Translation of registrant&rsquo;s name into English) </B></P> <P STYLE="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P STYLE="line-height: 1pt; margin-top: 0pt; margin-bottom: 2pt; border-bottom: #000000 1pt solid">&nbsp;</P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman"><B>13-15 Avenue de la Libert&eacute;
</B></P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman"><B>L-1931 Luxembourg </B></P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman"><B>R.C.S. Luxembourg B 153 681 </B></P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman"><B>(Address of principal executive office) </B></P> <P STYLE="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P STYLE="line-height: 1pt; margin-top: 0pt; margin-bottom: 2pt; border-bottom: #000000 1pt solid">&nbsp;</P> <P STYLE="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font: 10pt Times New Roman">Indicate by check mark whether the
registrant files or will file annual reports under cover of Form 20-F or Form 40-F. </P> <P ALIGN="CENTER" STYLE="margin-top: 12pt; margin-bottom: 0pt; font: 10pt Times New Roman">Form
20-F&nbsp;&nbsp;<FONT STYLE="font-family: WINGDINGS">x</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;<FONT STYLE="font-family: WINGDINGS">&uml;</FONT> </P>
<P STYLE="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font: 10pt Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;<FONT STYLE="font-family: WINGDINGS">&uml;</FONT> </P> <P STYLE="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font: 10pt Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;<FONT STYLE="font-family: WINGDINGS">&uml;</FONT> </P> <P STYLE="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font: 10pt Times New Roman">Indicate by check mark whether the registrant
by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </P>
<P ALIGN="CENTER" STYLE="margin-top: 12pt; margin-bottom: 0pt; font: 10pt Times New Roman">Yes&nbsp;&nbsp;<FONT STYLE="font-family: WINGDINGS">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;
&nbsp;<FONT STYLE="font-family: WINGDINGS">x</FONT> </P> <P STYLE="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font: 10pt Times New Roman">If &ldquo;Yes&rdquo; is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b):&nbsp;82-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </P> <P STYLE="font-size: 36pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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 <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman">ANNUAL GENERAL MEETING OF SHAREHOLDERS </P>
<P STYLE="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font: 10pt Times New Roman">This report contains a copy of the registrant&rsquo;s notice and agenda for its Annual General Meeting of Shareholders to be held on
April&nbsp;15, 2015, together with a copy of the form of proxy to be solicited by the registrant. </P> <P STYLE="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font: 10pt Times New Roman">The attachment contains forward-looking
statements. The registrant desires to qualify for the &ldquo;safe-harbor&rdquo; provisions of the Private Securities Litigation Reform Act of 1995, and consequently is hereby filing cautionary statements identifying important factors that could cause
the registrant&rsquo;s actual results to differ materially from those set forth in the attachment. </P> <P STYLE="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font: 10pt Times New Roman">The registrant&rsquo;s forward-looking
statements are based on the registrant&rsquo;s current expectations, assumptions, estimates and projections about the registrant and its industry. These forward-looking statements can be identified by words or phrases such as &ldquo;anticipate,&rdquo;
&ldquo;believe,&rdquo; &ldquo;continue,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;is/are likely to,&rdquo; &ldquo;may,&rdquo; &ldquo;plan,&rdquo; &ldquo;should,&rdquo; &ldquo;would,&rdquo; or other similar expressions. </P>
<P STYLE="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font: 10pt Times New Roman">The forward-looking statements included in the attached relate to, among others: (i)&nbsp;the registrant&rsquo;s business prospects and future
results of operations; (ii)&nbsp;weather and other natural phenomena; (iii)&nbsp;developments in, or changes to, the laws, regulations and governmental policies governing the registrant&rsquo;s business, including limitations on ownership of farmland
by foreign entities in certain jurisdictions in which the registrant operate, environmental laws and regulations; (iv)&nbsp;the implementation of the registrant&rsquo;s business strategy, including its development of the Ivinhema mill and other
current projects; (v)&nbsp;the registrant&rsquo;s plans relating to acquisitions, joint ventures, strategic alliances or divestitures; (vi)&nbsp;the implementation of the registrant&rsquo;s financing strategy and capital expenditure plan;
(vii)&nbsp;the maintenance of the registrant&rsquo;s relationships with customers; (viii)&nbsp;the competitive nature of the industries in which the registrant operates; (ix)&nbsp;the cost and availability of financing; (x)&nbsp;future demand for the
commodities the registrant produces; (xi)&nbsp;international prices for commodities; (xii)&nbsp;the condition of the registrant&rsquo;s land holdings; (xiii)&nbsp;the development of the logistics and infrastructure for transportation of the
registrant&rsquo;s products in the countries where it operates; (xiv)&nbsp;the performance of the South American and world economies; and (xv)&nbsp;the relative value of the Brazilian Real, the Argentine Peso, and the Uruguayan Peso compared to other
currencies; as well as other risks included in the registrant&rsquo;s other filings and submissions with the United States Securities and Exchange Commission. </P>
<P STYLE="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font: 10pt Times New Roman">These forward-looking statements involve various risks and uncertainties. Although the registrant believes that its expectations expressed in
these forward-looking statements are reasonable, its expectations may turn out to be incorrect. The registrant&rsquo;s actual results could be materially different from its expectations. In light of the risks and uncertainties described above, the
estimates and forward-looking statements discussed in the attached might not occur, and the registrant&rsquo;s future results and its performance may differ materially from those expressed in these forward-looking statements due to, inclusive, 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="margin-top: 18pt; margin-bottom: 0pt; text-indent: 4%; font: 10pt Times New Roman">The forward-looking statements made in the attached relate only to events or information as of the date on which the statements are made in
the attached. The registrant undertakes 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="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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 <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman">SIGNATURES </P>
<P STYLE="margin-top: 12pt; margin-bottom: 0pt; text-indent: 8%; font: 10pt Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.</P>

<P STYLE="margin-top: 12pt; margin-bottom: 0pt; text-indent: 8%; font: 10pt Times New Roman"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Adecoagro S.A.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 57%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">/s/ Carlos A. Boero Hughes</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Carlos A. Boero Hughes</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief  Financial Officer and Chief Accounting Officer</TD></TR>
</TABLE>

<P STYLE="margin-top: 12pt; margin-bottom: 0pt; text-indent: 8%; font: 10pt Times New Roman">&nbsp;</P>

<P STYLE="margin-top: 12pt; margin-bottom: 0pt; font: 10pt Times New Roman">Date: March  31, 2015</P> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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 <P ALIGN="CENTER" STYLE="margin-top: 36pt; margin-bottom: 0pt; font: 12pt Times New Roman"><B>Adecoagro S.A. </B></P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">Soci&eacute;t&eacute; Anonyme </P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">Vertigo Naos Building </P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">6, Rue
Eug&egrave;ne Ruppert </P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">L - 2453 Luxembourg </P>
<P ALIGN="CENTER" STYLE="margin-top: 20pt; margin-bottom: 0pt; font: 12pt Times New Roman">R.C.S. Luxembourg: B 153.681 </P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">(the
&ldquo;<B>Company</B>&rdquo;) </P> <P ALIGN="CENTER" STYLE="margin-top: 20pt; margin-bottom: 0pt; font: 12pt Times New Roman">Convening Notice to the </P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">Annual General Meeting of Shareholders </P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">to be held on April&nbsp;15, 2015 at 4.pm (CET) </P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">at Vertigo Naos Building, 6 Rue Eug&egrave;ne Ruppert, L - 2453 Luxembourg </P>
<P STYLE="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="margin-top: 2pt; margin-bottom: 0pt; font: 12pt Times New Roman">Dear Shareholders,</P>

<P STYLE="margin-top: 2pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<P STYLE="margin-top: 2pt; margin-bottom: 0pt; font: 12pt Times New Roman"></P>

<P STYLE="text-align: justify; margin-top: 18pt; margin-bottom: 0pt; font: 12pt Times New Roman">The Board of Directors of Adecoagro S.A. (the &ldquo;Board&rdquo;) is pleased to invite you to attend the Annual General
Meeting of Shareholders of Adecoagro S.A. to be held on April 15, 2015 at 4.pm (CET) at the registered office of the Company
in Luxembourg with the following agenda:</P>


<P STYLE="margin-top: 2pt; margin-bottom: 0pt; font: 12pt Times New Roman"></P>
<P STYLE="text-align: center; margin-top: 18pt; margin-bottom: 0pt; font: 12pt Times New Roman"><B>Agenda </B></P> <P STYLE="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="border-collapse: collapse; font: 12pt Times New Roman">
<TR>
<TD WIDTH="3%" VALIGN="TOP" ALIGN="LEFT">1.</TD>
<TD ALIGN="LEFT" VALIGN="TOP"> <P ALIGN="JUSTIFY" STYLE="font: 12pt Times New Roman">Approval of the Consolidated Financial Statements as of and for the years ended December 31, 2014, 2013, and 2012.</P></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="margin-top: 18pt; margin-bottom: 0pt; font: 10pt Times New Roman">The Board of Directors of the Company
recommends a vote FOR approval of the Company&rsquo;s consolidated financial statements as of December 31, 2014, 2013 and 2012, after
due consideration of the reports from each of the Board and the independent auditor on such consolidated financial statements.
The consolidated balance sheets of the Company and its subsidiaries and the related consolidated income statements, consolidated
statements of changes in shareholders&rsquo; equity, consolidated cash flow statements and the notes to such consolidated financial
statements, the report from the independent auditor on such consolidated financial statements and management&rsquo;s discussion and
analysis on the Company&rsquo;s results of operations and financial condition are included in the Company&rsquo;s 2014 annual report, a copy
of which is available on Company&rsquo;s website at <FONT STYLE="color: Blue"><U>www.adecoagro.com</U></FONT>. Copies of the Company&rsquo;s
2014 annual report are also available free of charge at the Company&rsquo;s registered office in Luxembourg, between 10:00 a.m. and
5:00 p.m., Luxembourg time. </P> <P STYLE="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="border-collapse: collapse; font: 12pt Times New Roman">
<TR>
<TD WIDTH="3%" VALIGN="TOP" ALIGN="LEFT">2.</TD>
<TD ALIGN="LEFT" VALIGN="TOP">Approval of the Company&rsquo;s annual accounts as of December 31, 2014.</TD></TR></TABLE> <P ALIGN="JUSTIFY" STYLE="margin-top: 18pt; margin-bottom: 0pt; font: 10pt Times New Roman">The
                                         Board recommends a vote FOR approval of the Company&rsquo;s annual accounts as of December
                                         31, 2014, after due consideration of the Board&rsquo;s management report and the report from
                                         the independent auditor on such annual accounts. These documents are included in the
                                         Company&rsquo;s 2014 annual report, a copy of which is available on our website at <FONT STYLE="color: Blue"><U>www.adecoagro.com</U></FONT>.
                                         Copies of the Company&rsquo;s 2014 annual report are also available free of charge at the Company&rsquo;s
                                         registered office in Luxembourg, between 10:00 a.m. and 5:00 p.m., Luxembourg time.</P>
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<TR>
<TD WIDTH="3%" VALIGN="TOP" ALIGN="LEFT">3.</TD>
<TD ALIGN="LEFT" VALIGN="TOP">Allocation of results for the year ended December 31, 2014.</TD></TR></TABLE> <P ALIGN="JUSTIFY" STYLE="margin-top: 18pt; margin-bottom: 0pt; font: 10pt Times New Roman">The
                                         statutory <I>solus</I> accounts of the Company under Luxembourg GAAP show a gain of US$7,418,676.
                                         Pursuant to Luxembourg law, an amount of 5% thereof (US$370,933.8) shall be allocated
                                         to the undistributable legal reserve. The Board recommends a vote FOR the carry forward
                                         of the remaining net profits of US$7,044,742.2 to retained earnings.</P>
<P STYLE="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="border-collapse: collapse; font: 12pt Times New Roman">
<TR>
<TD WIDTH="3%" VALIGN="TOP" ALIGN="LEFT">4.</TD>
<TD ALIGN="LEFT" VALIGN="TOP"> <P ALIGN="JUSTIFY" STYLE="font: 12pt Times New Roman">Vote on discharge (<I>quitus</I>) of the
                               members of the Board of Directors for the proper exercise of their mandate during the year ended
                               December 31, 2014.</P></TD></TR></TABLE> <P ALIGN="JUSTIFY" STYLE="margin-top: 18pt; margin-bottom: 0pt; font: 10pt Times New Roman">
                               In accordance with applicable Luxembourg law and regulations, it is proposed that, upon approval of the Company&rsquo;s annual accounts as of December 31, 2014, all who were members of the Board during the year 2014, be discharged from any liability in connection with the management of the Company&rsquo;s affairs during such year.
                               </P> <P ALIGN="JUSTIFY" STYLE="margin-top: 18pt; margin-bottom: 0pt; font: 10pt Times New Roman">The
                                    Board recommends a vote FOR the discharge (<I>quitus</I>) of the members of the Board of Directors
                                    for the proper exercise of their mandate during the year ended December 31, 2014.</P> <P STYLE="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="border-collapse: collapse; font: 12pt Times New Roman">
<TR>
<TD WIDTH="3%" VALIGN="TOP" ALIGN="LEFT">5.</TD>
<TD ALIGN="LEFT" VALIGN="TOP">Approval of compensation of members of the Board of Directors. </TD></TR></TABLE> <P ALIGN="JUSTIFY" STYLE="margin-top: 18pt; margin-bottom: 0pt; font: 10pt Times New Roman"></P>

<P>The compensation of the Company&rsquo;s directors is approved annually at the ordinary general shareholders&rsquo; meeting.</P>

<P>For year 2015: The proposed aggregate compensation to our directors for fiscal year 2015 amounts to up to US$430,000 and a
grant of restricted units of up to an aggregate amount of 46,400 units under the Adecoagro&rsquo;s Amended and Restated Restricted
Share and Restricted Stock Unit Plan, as amended, according to the following:</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD VALIGN="BOTTOM" BGCOLOR="#eeece1" STYLE="border-left: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt"><B>Name</B></TD>
<TD VALIGN="BOTTOM" BGCOLOR="#eeece1" STYLE="border-left: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" BGCOLOR="#eeece1" STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid"><B>Cash US$ (*)</B></TD>
<TD VALIGN="BOTTOM" BGCOLOR="#eeece1" STYLE="border-top: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" BGCOLOR="#eeece1" STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt"><B>Restricted Units</B></TD></TR>


<TR STYLE="font: 10pt Times New Roman">
<TD VALIGN="TOP" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Abbas Farouq Zuaiter</TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid">70,000</TD>
<TD VALIGN="BOTTOM" STYLE="border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt">5,800</TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD VALIGN="TOP" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Alan Leland Boyce</TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid">70,000</TD>
<TD VALIGN="BOTTOM" STYLE="border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt">5,800</TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD VALIGN="TOP" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Pl&iacute;nio Musetti</TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid">70,000</TD>
<TD VALIGN="BOTTOM" STYLE="border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt">5,800</TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD VALIGN="TOP" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Andr&eacute;s Velazco Bra&ntilde;es</TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid">70,000</TD>
<TD VALIGN="BOTTOM" STYLE="border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt">5,800</TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD VALIGN="TOP" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Mark Schachter</TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid">50,000</TD>
<TD VALIGN="BOTTOM" STYLE="border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt">5,800</TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD VALIGN="TOP" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt"><P>Marcelo Vieira (*) (**)</P>


</TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid"></TD>
<TD VALIGN="BOTTOM" STYLE="border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt"></TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD VALIGN="TOP" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Guillaume van der Linden</TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid">50,000</TD>
<TD VALIGN="BOTTOM" STYLE="border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt">5,800</TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD VALIGN="TOP" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Mariano Bosch (*)</TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" STYLE="border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD VALIGN="TOP" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Daniel C. Gonz&aacute;lez</TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid">50,000</TD>
<TD VALIGN="BOTTOM" STYLE="border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt">5,800</TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD VALIGN="TOP" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Dwight Anderson (*)</TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid"></TD>
<TD VALIGN="BOTTOM" STYLE="border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt">5,800</TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD VALIGN="TOP" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Walter Marcelo S&aacute;nchez (*)</TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" STYLE="border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE> <P ALIGN="JUSTIFY" STYLE="margin-top: 12pt; margin-bottom: 0pt; font: 10pt Times New Roman">(*) Mr. Dwight Anderson declined
and therefore will not receive his fees in cash, and Mr. Mariano Bosch, Mr. Marcelo Vieira and Mr. Walter Marcelo S&aacute;nchez
declined and therefore will not receive their fees neither in cash nor in restricted units.</P>

<P STYLE="text-align: justify; margin-top: 6pt; margin-bottom: 0pt; font: 10pt Times New Roman">(**) Adecoagro Vale do Ivinhema S.A., a Brazilian subsidiary of the Company, executed an Advisory Services Agreement on
November 18, 2014 with Mirante Consultoria Ltda, an affiliate of Mr. Marcelo Vieira, for a term of 12 months. As consideration
for the provision of the advisory services under the agreement, Adecoagro Vale do Ivinhema S.A. will pay Mirante Consultor&iacute;a
Ltda. R$59,463 per month, which is equal to an aggregate amount of R$713,556 for the term of the agreement.</P>


<P STYLE="text-align: justify; margin-top: 12pt; margin-bottom: 0pt; font: 10pt Times New Roman"></P>

<P>The Board recommends a vote FOR the proposed compensation of directors.</P>

<P></P>

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<P>The Board informs that the overall compensation actually allocated to the members of the Board for 2014 was lower than the
compensation approved at the last annual general meeting. The compensation to the members of the Board for fiscal year 2014 was US$531,250 and a grant of restricted units of up to an aggregate amount of 57,969 units, allocated
as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="width: 98%; border-collapse: collapse; font: 10pt Times New Roman">
<TR STYLE="font: 10pt Times New Roman">
<TD STYLE="vertical-align: bottom; background-color: #eeece1; border-left: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt; width: 35%"><B>Name</B></TD>
<TD STYLE="vertical-align: bottom; background-color: #eeece1; border-left: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #eeece1; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; width: 32%"><B>Cash US$ (*)</B></TD>
<TD STYLE="vertical-align: bottom; background-color: #eeece1; border-top: #000000 1px solid; border-bottom: #000000 1px solid; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #eeece1; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt; width: 31%"><B>Restricted Units</B></TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD STYLE="vertical-align: top; border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Abbas Farouq Zuaiter</TD>
<TD STYLE="vertical-align: bottom; border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid">70,000</TD>
<TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt">6,441</TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD STYLE="vertical-align: top; border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Alan Leland Boyce</TD>
<TD STYLE="vertical-align: bottom; border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid">70,000</TD>
<TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt">6,441</TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD STYLE="vertical-align: top; border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Pl&iacute;nio Musetti</TD>
<TD STYLE="vertical-align: bottom; border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid">70,000</TD>
<TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt">6,441</TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD STYLE="vertical-align: top; border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Andr&eacute;s
Velazco Bra&ntilde;es (*)</TD>
<TD STYLE="vertical-align: bottom; border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid">70,000</TD>
<TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt">6,441</TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD STYLE="vertical-align: top; border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Mark Schachter</TD>
<TD STYLE="vertical-align: bottom; border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid">50,000</TD>
<TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt">6,441</TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD STYLE="vertical-align: top; border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Paulo
Albert Weyland Vieira (**)</TD>
<TD STYLE="vertical-align: bottom; border-left: #000000 1px solid; border-bottom: #000000 1px solid">&nbsp;</TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid">31,250</TD>
<TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid">&nbsp;</TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt">6,441</TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD STYLE="vertical-align: top; border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Guillaume van der Linden</TD>
<TD STYLE="vertical-align: bottom; border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid">70,000</TD>
<TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt">6,441</TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD STYLE="vertical-align: top; border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Mariano Bosch (***)</TD>
<TD STYLE="vertical-align: bottom; border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD STYLE="vertical-align: top; border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Daniel C. Gonz&aacute;lez</TD>
<TD STYLE="vertical-align: bottom; border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid">50,000</TD>
<TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt">6,441</TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD STYLE="vertical-align: top; border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Dwight Anderson</TD>
<TD STYLE="vertical-align: bottom; border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid">50,000</TD>
<TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt">6,441</TD></TR>
<TR STYLE="font: 10pt Times New Roman">
<TD STYLE="vertical-align: top; border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">Walter Marcelo S&aacute;nchez (***)</TD>
<TD STYLE="vertical-align: bottom; border-left: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: justify; margin-top: 12pt; margin-bottom: 0pt; font: 10pt Times New Roman">(*) Mr. Andr&eacute;s Velasco Bra&ntilde;es was allocated an additional USD20,000 from the cash compensation approved for 2014
at the last annual general meeting.</P>

<P STYLE="text-align: justify; margin-top: 6pt; margin-bottom: 0pt; font: 10pt Times New Roman">(**) Mr. Paulo Albert Weyland Vieira resigned as member of the Board and therefore received cash compensation proportional
to his mandate.</P>

<P STYLE="text-align: justify; margin-top: 6pt; margin-bottom: 0pt; font: 10pt Times New Roman">(***) Mr. Mariano Bosch and Mr. Walter Marcelo S&aacute;nchez declined and therefore did not receive their fees
neither in cash nor in restricted units.</P>


<P STYLE="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="border-collapse: collapse; font: 12pt Times New Roman">
<TR>
<TD WIDTH="3%" VALIGN="TOP" ALIGN="LEFT">6.</TD>
<TD ALIGN="LEFT" VALIGN="TOP"> <P ALIGN="JUSTIFY" STYLE="font: 12pt Times New Roman">Appointment of PricewaterhouseCoopers Soci&eacute;t&eacute;
                               coop&eacute;rative, <I>r&eacute;viseur d&rsquo;entreprises agr&eacute;&eacute;</I> as auditor of the Company for a period ending
                               at the general meeting approving the annual accounts for the year ending December 31, 2015.</P></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 12pt; margin-bottom: 0pt; font: 10pt Times New Roman">The Board recommends a vote FOR
the re-appointment of PricewaterhouseCoopers <I>Soci&eacute;t&eacute; coop&eacute;rative</I>, <I>r&eacute;viseur d&rsquo;entreprises
agr&eacute;&eacute;</I> as auditor of the Company for a term ending for a period ending at the general meeting approving the annual
accounts for the year ending December 31, 2015.</P>

<P STYLE="text-align: justify; margin-top: 12pt; margin-bottom: 0pt; font: 10pt Times New Roman">&nbsp;</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="border-collapse: collapse; font: 12pt Times New Roman">
<TR>
<TD WIDTH="3%" VALIGN="TOP" ALIGN="LEFT">7.</TD>
<TD ALIGN="LEFT" VALIGN="TOP"> <P ALIGN="JUSTIFY" STYLE="font: 12pt Times New Roman">Election of the following members of the
Board of Directors: (i) Abbas Farouq Zuaiter, Guillaume van der Linden and Mark Schachter for a term of three (3) years each,
ending the date of the Annual General Meeting of Shareholders of the Company to be held in 2018; and (ii) Confirmation of the
final appointment (co-opted) of Marcelo Vieira for a term ending the date of the Annual General Meeting of Shareholders of the
Company to be held in 2016.</P></TD></TR></TABLE>


<P STYLE="text-align: justify; margin-top: 12pt; margin-bottom: 0pt; font: 10pt Times New Roman">The Directors are appointed by the General Meeting of Shareholders for a period of up to three (3) years; 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. The Directors shall be eligible for re-election indefinitely.</P>

<P STYLE="text-align: justify; margin-top: 12pt; margin-bottom: 0pt; font: 10pt Times New Roman">The Board recommends a vote FOR the re-election of Abbas Farouq Zuaiter, Guillaume van der Linden and Mark Schachter, each
as member of the Board, for a term of three (3) years, ending the date of the Annual General Meeting of Shareholders of the Company
to be held in 2018; and the confirmation of the final appointment of Marcelo Vieira (co-opted), for a term ending the date of
the Annual General Meeting of Shareholders of the Company to be held in 2016.&nbsp;</P>

<P STYLE="text-align: justify; margin-top: 12pt; margin-bottom: 0pt; font: 10pt Times New Roman"></P>

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<P STYLE="text-align: justify; margin-top: 12pt; margin-bottom: 0pt; font: 10pt Times New Roman">Set forth below is a summary
biographical information of each of the candidates:&nbsp;</P>

<P STYLE="text-align: justify; margin-top: 18pt; margin-bottom: 0pt; text-indent: 6%; font: 10pt Times New Roman"><I>Abbas (&ldquo;Eddy&rdquo;)
Farouq Zuaiter. Mr. Zuaiter has been a member of the Company&rsquo;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.</I></P>


<P STYLE="text-align: justify; margin-top: 18pt; margin-bottom: 0pt; text-indent: 6%; font: 10pt Times New Roman"><I>Guillaume
van der Linden Mr. van der Linden has been a member of the Company&rsquo;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 Business Administration from the University of Rochester. Mr. van der Linden is a Dutch citizen.</I></P>


<P STYLE="text-align: justify; margin-top: 18pt; margin-bottom: 0pt; text-indent: 6%; font: 10pt Times New Roman"><I>Mark Schachter.
Mr. Schachter has been a member of the Company&rsquo;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&rsquo;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.</I></P>


<P STYLE="text-align: justify; margin-top: 18pt; margin-bottom: 0pt; text-indent: 6%; font: 10pt Times New Roman"><I>Marcelo Vieira.
Mr. Vieira was the Director of Ethanol, Sugar &amp; Energy operations of Adecoagro from 2005 to 2014. He is currently a member
of the Board of Uni&atilde;o da Ind&uacute;stria de Cana-de-A&ccedil;&uacute;car (&ldquo;UNICA&rdquo;) and is a Vice President
of Sociedade Rural Brasileira, coordinating its Sustainability area. He has managed agricultural and agribusiness company for
over 40 years, including Usina Monte Alegre, Alfenas Agricola and Alfenas Caf&eacute;. Mr.Vieira holds a degree in Mechanical
Engineering from PUC University in R&iacute;o de Janeiro, Brazil, and a graduate degree in Food Industry Management and Marketing
from University of London&acute;s Imperial College. Mr. Vieira is a Brazilian citizen.</I></P>
<P ALIGN="CENTER" STYLE="margin-top: 16pt; margin-bottom: 0pt; font: 12pt Times New Roman">*************** </P> <P ALIGN="JUSTIFY" STYLE="margin-top: 8pt; margin-bottom: 0pt; font: 12pt Times New Roman">Each of the items to be voted on the Meeting will be passed by a simple majority of the votes validly cast, irrespective of
the number of Shares represented. </P>
<P ALIGN="JUSTIFY" STYLE="margin-top: 18pt; margin-bottom: 0pt; font: 12pt Times New Roman">Any shareholder who holds one or more shares(s) of the Company on March 9, 2015 (the &ldquo;Record Date&rdquo;) shall be admitted
to the Meeting and may attend the Meeting in person or vote by proxy. Shareholders who have sold their Shares between the
Record Date and the date of the Meeting cannot attend the Meeting or vote by proxy. In case of breach of such prohibition,
criminal sanctions may apply. </P> <P ALIGN="JUSTIFY" STYLE="margin-top: 18pt; margin-bottom: 0pt; font: 12pt Times New Roman"></P>

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<P STYLE="text-align: justify; margin-top: 18pt; margin-bottom: 0pt; font: 12pt Times New Roman">Holders
who have withdrawn their shares from DTC between April 8, 2015 and the date of the Meeting should contact the Company in advance
of the date of the meeting at 6, Rue Eug&egrave;ne Ruppert, L-2453 Luxembourg, or at Av. Fondo de la Legua 936, B1640EDO | Mart&iacute;nez,
Pcia de Buenos Aires, Argentina, to make separate arrangements to be able to attend the meeting or vote by proxy.</P>

<P STYLE="text-align: justify; margin-top: 18pt; margin-bottom: 0pt; font: 12pt Times New Roman">Attached to this notice is a proxy card which you will need to complete in order to vote your Shares by proxy. Proxy cards
must be received by the tabulation agent no later than 3:00 p.m. New York City Time on April 13, 2015 in order for such votes
to count.</P>
<P ALIGN="JUSTIFY" STYLE="margin-top: 18pt; margin-bottom: 0pt; font: 12pt Times New Roman"><B>Please consult the Company&rsquo;s website as to the procedures for attending the meeting or to be represented by way of proxy. A copy of
this notice is also available on the Company&rsquo;s website. </B></P> <P ALIGN="JUSTIFY" STYLE="margin-top: 18pt; margin-bottom: 0pt; font: 12pt Times New Roman">Copies of the Consolidated Financial Statements as of and for the years ended December 31, 2014, 2013, and 2012 of the Company
and the Company&rsquo;s annual accounts as of December 31, 2014 together with the Company&rsquo;s 2014 annual report, relevant
management and audit reports are available on the Company&rsquo;s website www.adecoagro.com and may also be obtained free
of charge at the Company&rsquo;s registered office in Luxembourg. </P> <P STYLE="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="border-collapse: collapse; font: 12pt Times New Roman">


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<TD WIDTH="100%"></TD></TR>


<TR STYLE="font: 12pt Times New Roman">
<TD VALIGN="TOP"> <P STYLE="margin-left: 1em; text-indent: -1em; font: 12pt Times New Roman">Yours faithfully</P></TD></TR>
<TR STYLE="font: 12pt Times New Roman">
<TD VALIGN="TOP"> <P STYLE="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="margin-top: 0pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font: 12pt Times New Roman">The Board of
Directors</P></TD></TR>
</TABLE>
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 <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman"><B>Procedures for Attending the Meeting and Voting by Proxy </B></P>
<P ALIGN="JUSTIFY" STYLE="margin-top: 18pt; margin-bottom: 0pt; text-indent: 7%; font: 12pt Times New Roman">Any shareholder who holds one or more shares(s) of the Company on March 9, 2015 (the &ldquo;Record Date&rdquo;) shall be admitted
to the Meeting and may attend the Meeting in person, through their duly appointed attorneys or vote by proxy. Attorneys must
properly evidence their powers to represent a shareholder by a valid power-of-attorney which should be filed no later than
April 13, 2015 at the address indicated below. </P> <P ALIGN="JUSTIFY" STYLE="margin-top: 18pt; margin-bottom: 0pt; text-indent: 7%; font: 12pt Times New Roman">In the case of Shares owned by a corporation or any other legal entity, individuals representing such entity who wish to attend
the Meeting in person and vote at the Meeting on behalf of such entity, must present evidence of their authority to attend
and vote at the Meeting, by means of a proper document (such as a general or special power-of-attorney) issued by the respective
entity. A copy of such power of attorney or other proper document should be filed not later than April 13, 2015, at any of
the addresses indicated below. </P>
<P STYLE="margin-top: 18pt; margin-bottom: 0pt; text-indent: 7%; font: 12pt Times New Roman">Address for filing powers-of-attorney: </P>
<P STYLE="margin-top: 18pt; margin-bottom: 0pt; margin-left: 21%; font: 12pt Times New Roman">Adecoagro S.A. </P> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 21%; font: 12pt Times New Roman">Vertigo Naos
Building, </P> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 21%; font: 12pt Times New Roman">6 Rue Eug&egrave;ne Ruppert, </P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 21%; font: 12pt Times New Roman">L &ndash; 2453, Luxembourg </P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 21%; font: 12pt Times New Roman">Attention: Emilio Gnecco </P>
<P ALIGN="JUSTIFY" STYLE="margin-top: 18pt; margin-bottom: 0pt; text-indent: 7%; font: 12pt Times New Roman">To vote by proxy, holders of Shares will need to complete proxy cards. Proxy cards must be received by the tabulation agent
at the return address indicated on the proxy cards, Computershare Shareowner Services LLC, P.O. Box 43101, Providence, RI
02940, no later than 3:00 p.m. New York City Time on April 13, 2015 in order for such votes to count. </P>
<P ALIGN="JUSTIFY" STYLE="margin-top: 18pt; margin-bottom: 0pt; text-indent: 7%; font: 12pt Times New Roman">If you hold your shares through a brokerage account, please contact your broker to receive information regarding how you may
vote your shares. </P>
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<IMG SRC="image001.jpg" ALT="LOGO">
 </P> <P STYLE="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<TD WIDTH="23%"></TD></TR>


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<TD VALIGN="TOP" ALIGN="CENTER" STYLE="border: #000000 1px solid; padding-left: 8pt"><B><I>IMPORTANT ANNUAL MEETING INFORMATION&nbsp;&nbsp;</I></B></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD></TR>
</TABLE> <P STYLE="font-size: 120pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<TD VALIGN="BOTTOM" WIDTH="4%"></TD>
<TD></TD></TR>


<TR STYLE="font: 20pt ARIAL">
<TD VALIGN="TOP"><FONT STYLE="font-size: 8pt">Using a <U><B>black ink</B></U> pen, mark your votes with an <B>X</B> as shown in this example. Please do not write outside the designated areas.</FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="TOP" ALIGN="CENTER"><B></B><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS">x</FONT></FONT><B></B><B></B></TD></TR>
</TABLE> </DIV><DIV STYLE="position: relative; float: right; width: 48%; padding-right: 9pt; padding-bottom: 8pt; overflow: hidden; padding-top: 3pt">
 </DIV><DIV STYLE="clear: both; height: 0pt; font-size: 0pt">&nbsp;</DIV>

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<TR STYLE="font: 14pt ARIAL">
<TD VALIGN="TOP" BGCOLOR="#e5e5e5" STYLE="border-top: #000000 1.5pt solid; border-bottom: #000000 1.5pt solid"> <P STYLE="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 14pt ARIAL"><B>Annual Meeting Proxy Card</B></P> <P STYLE="font-size: 2pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD></TR>
</TABLE> <P ALIGN="CENTER" STYLE="margin-top: 6pt; margin-bottom: 0pt; font: 8pt ARIAL"><B></B><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS 3">q</FONT></FONT><FONT STYLE="font-family: ARIAL"><B></B></FONT><B>&nbsp;&nbsp;PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED
ENVELOPE.&nbsp;&nbsp;</B><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS 3">q</FONT></FONT><FONT STYLE="font-family: ARIAL"><B></B></FONT><B> </B></P>
<P STYLE="font-size: 24pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt ARIAL">


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<TD WIDTH="2%"></TD>
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<TD WIDTH="97%"></TD></TR>


<TR STYLE="font: 10pt ARIAL">
<TD VALIGN="TOP" BGCOLOR="#000000"><FONT COLOR="#ffffff"><B>&nbsp;A&nbsp;</B></FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"><B>Proposals &mdash; The Board of Directors recommends a vote <U>FOR</U> Proposals 1 &ndash; 78.</B></TD></TR>
</TABLE>
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<TR>
<TD STYLE="width: 1%"></TD>
<TD STYLE="vertical-align: bottom; width: 1%"></TD>
<TD STYLE="width: 33%"></TD>
<TD STYLE="vertical-align: bottom; width: 1%"></TD>
<TD></TD>
<TD STYLE="vertical-align: bottom; width: 1%"></TD>
<TD></TD>
<TD STYLE="vertical-align: bottom; width: 1%"></TD>
<TD STYLE="width: 5%"></TD>
<TD STYLE="vertical-align: bottom; width: 1%"></TD>
<TD></TD>
<TD STYLE="vertical-align: bottom; width: 1%"></TD>
<TD STYLE="width: 1%"></TD>
<TD STYLE="vertical-align: bottom; width: 1%"></TD>
<TD STYLE="width: 21%"></TD>
<TD STYLE="vertical-align: bottom; width: 1%"></TD>
<TD STYLE="width: 5%"></TD>
<TD STYLE="vertical-align: bottom; width: 1%"></TD>
<TD STYLE="width: 5%"></TD>
<TD STYLE="vertical-align: bottom; width: 1%"></TD>
<TD STYLE="width: 5%"></TD>
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<TD STYLE="vertical-align: bottom; width: 1%"></TD>
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<TR STYLE="font: 10pt ARIAL">
<TD VALIGN="TOP"> <P STYLE="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 8pt ARIAL">1.</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD COLSPAN="1" STYLE="vertical-align: top"> <P STYLE="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt ARIAL">Approval of the Consolidated Financial Statements of ADECOAGRO S.A. as
of and for the years ended December&nbsp;31, 2014, 2013, and 2012.</P> <P STYLE="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt"></P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" ALIGN="CENTER"><FONT STYLE="font-size: 8pt"><B>For</B></FONT> <P ALIGN="LEFT" STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P ALIGN="CENTER" STYLE="margin-bottom: 1pt; margin-top: 0pt; font: 14pt ARIAL"><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS">&uml;</FONT></FONT></P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" ALIGN="CENTER"><FONT STYLE="font-size: 8pt"><B>Against</B></FONT> <P ALIGN="LEFT" STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P ALIGN="CENTER" STYLE="margin-bottom: 1pt; margin-top: 0pt; font: 14pt ARIAL"><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS">&uml;</FONT></FONT></P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"> <P STYLE="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt ARIAL"><B>Abstain</B></P>
<P ALIGN="LEFT" STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 14pt ARIAL"><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS">&uml;</FONT></FONT></P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" ROWSPAN="14"> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 8pt ARIAL">7.</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" COLSPAN="7"> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 8pt ARIAL">Election of the following members of the Board of Directors:</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" ALIGN="RIGHT"><FONT STYLE="font-size: 25pt">+</FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD></TR>
<TR STYLE="font: 10pt ARIAL">
<TD VALIGN="TOP"> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt"></P> <P STYLE="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt ARIAL">2.</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt ARIAL">Approval of ADECOAGRO
S.A.&rsquo;s annual accounts as of December&nbsp;31, 2014.</TD>
<TD VALIGN="TOP">&nbsp;</TD>
<TD VALIGN="TOP"> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P ALIGN="CENTER" STYLE="margin-bottom: 1pt; margin-top: 0pt; font: 14pt ARIAL"><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS">&uml;</FONT></FONT></P></TD>
<TD VALIGN="TOP"> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P ALIGN="CENTER" STYLE="margin-bottom: 1pt; margin-top: 0pt; font: 14pt ARIAL"><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS"></FONT></FONT></P></TD>
<TD VALIGN="TOP"> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P ALIGN="CENTER" STYLE="margin-bottom: 1pt; margin-top: 0pt; font: 14pt ARIAL"><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS">&uml;</FONT></FONT></P></TD>
<TD VALIGN="TOP">&nbsp;</TD>
<TD VALIGN="TOP"> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 14pt ARIAL"><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS">&uml;</FONT></FONT></P></TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" COLSPAN="7"><FONT STYLE="font-size: 8pt">7.1 - For a term of three (3)&nbsp;years each, ending the date of the Annual General Meeting of Shareholders of ADECOAGRO S.A. to be held in 2018:</FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD></TR>
<TR STYLE="font: 8pt ARIAL">
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" ALIGN="CENTER"><B>For</B></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" ALIGN="CENTER"><B>Against</B></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" ALIGN="CENTER"><B>Abstain</B></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD></TR>
<TR STYLE="font: 10pt ARIAL">
<TD VALIGN="TOP"><FONT STYLE="font-size: 8pt">3.</FONT></TD>
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<TD VALIGN="TOP" ROWSPAN="2"><FONT STYLE="font-size: 8pt">Allocation of results for the year ended December&nbsp;31, 2014.</FONT></TD>
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<TD VALIGN="TOP" ALIGN="CENTER"><FONT STYLE="font-size: 14pt"><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS">&uml;</FONT></FONT></FONT></TD>
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<TD VALIGN="TOP" ROWSPAN="2"> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 8pt ARIAL">7.1(i) - Abbas Farouq Zuaiter</P></TD>
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<TD VALIGN="TOP" ROWSPAN="2"> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 14pt ARIAL"><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS">&uml;</FONT></FONT></P></TD>
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<TD VALIGN="TOP" ROWSPAN="2"> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 14pt ARIAL"><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS">&uml;</FONT></FONT></P></TD>
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<TD VALIGN="TOP"><FONT STYLE="font-size: 8pt">4.</FONT></TD>
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<TD VALIGN="TOP" ROWSPAN="3"><FONT STYLE="font-size: 8pt">Vote on discharge (quitus) of the members of the Board of Directors for the exercise of their mandate during the year ended December&nbsp;31, 2014.</FONT></TD>
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<TD VALIGN="TOP" ALIGN="CENTER"><FONT STYLE="font-size: 14pt"><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS">&uml;</FONT></FONT></FONT></TD>
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<TD VALIGN="MIDDLE" ROWSPAN="2"><FONT STYLE="font-size: 8pt">7.1(ii) - Guillaume van der Linden</FONT></TD>
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<TD VALIGN="MIDDLE" ROWSPAN="2"> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 14pt ARIAL"><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS">&uml;</FONT></FONT></P></TD>
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<TD VALIGN="MIDDLE" ROWSPAN="2"> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 14pt ARIAL"><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS">&uml;</FONT></FONT></P></TD>
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<TD VALIGN="MIDDLE"></TD>
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<TD VALIGN="TOP"> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 8pt ARIAL">5.</P></TD>
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<TD VALIGN="TOP"> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 8pt ARIAL">Approval of compensation of the members of the Board of Directors.</P></TD>
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<TD VALIGN="TOP"><FONT STYLE="font-size: 8pt">7.1(iii) - Mark Schachter</FONT></TD>
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<TD VALIGN="TOP" ALIGN="CENTER"><FONT STYLE="font-size: 14pt"><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS">&uml;</FONT></FONT></FONT></TD>
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<TD VALIGN="TOP" ALIGN="CENTER"><FONT STYLE="font-size: 14pt"><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS">&uml;</FONT></FONT></FONT></TD>
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<TD VALIGN="TOP" ALIGN="CENTER"><FONT STYLE="font-size: 14pt"><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS">&uml;</FONT></FONT></FONT></TD>
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<TD VALIGN="TOP"> <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 8pt ARIAL">6.</P></TD>
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<TD VALIGN="TOP" ROWSPAN="2"> <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 8pt ARIAL">Appointment of PricewaterhouseCoopers Soci&eacute;t&eacute;
coop&eacute;rative, r&eacute;viseur d&rsquo;entreprises agr&eacute;&eacute; as auditor of ADECOAGRO S.A. for a period ending at the general meeting approving the annual accounts for the year ending December&nbsp;31, 2015.</P></TD>
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<TD VALIGN="TOP" ROWSPAN="2"> <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 14pt ARIAL"><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS">&uml;</FONT></FONT></P></TD>
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<TD VALIGN="TOP" COLSPAN="7"><FONT STYLE="font-size: 8pt">7.2 - Confirmation of the Final Appointment further to co-optation for a term ending on the date of the Annual General Meeting of
Shareholders of ADECOAGRO S.A. to be held in 2016:</FONT></TD>
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<TD VALIGN="TOP" ALIGN="CENTER"><FONT STYLE="font-size: 8pt"><B>For</B></FONT></TD>
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<TD VALIGN="TOP" ALIGN="CENTER"><FONT STYLE="font-size: 8pt"><B>Against</B></FONT></TD>
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<TD VALIGN="TOP" ALIGN="CENTER"><FONT STYLE="font-size: 8pt"><B>Abstain</B></FONT></TD>
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<TD VALIGN="MIDDLE" NOWRAP><FONT STYLE="font-size: 8pt">7.2(i)&nbsp;-&nbsp;Marcelo Vieira</FONT></TD>
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<TD VALIGN="TOP" ALIGN="CENTER"><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS">&uml;</FONT></FONT></TD>
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<TD VALIGN="TOP" COLSPAN="9"> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 8pt ARIAL"><B>THIS PROXY WILL BE VOTED AS DIRECTED, OR IF NO DIRECTION IS
INDICATED, WILL BE VOTED &ldquo;<U>FOR</U>&rdquo; ITEMS 1 THROUGH 7.</B></P></TD>
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</TABLE> <P ALIGN="CENTER" STYLE="margin-top: 32pt; margin-bottom: 0pt; font: 10pt ARIAL"><B>IF VOTING BY MAIL, YOU <U>MUST</U> COMPLETE SECTIONS A - C ON BOTH SIDES OF THIS CARD. </B></P>
<P STYLE="font-size: 24pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<TD VALIGN="TOP"> <P STYLE="text-indent: 15em; font: 10pt ARIAL">1 U P X</P></TD>
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<TD VALIGN="TOP" ALIGN="RIGHT">+</TD></TR>
</TABLE> <P STYLE="margin-top: 6pt; margin-bottom: 0pt; text-indent: 17%; font: 8pt ARIAL">01SAKE </P>

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<P ALIGN="CENTER" STYLE="margin-top: 72pt; margin-bottom: 0pt; font: 10pt ARIAL"><B>Important notice regarding the Internet availability of proxy materials for the Annual General Meeting
of Shareholders. </B></P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt ARIAL">The Notice of Meeting is available at: <B>http://www.adecoagro.com</B> </P>
<P STYLE="font-size: 60pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P ALIGN="CENTER" STYLE="margin-top: 36pt; margin-bottom: 0pt; font: 8pt ARIAL"><B></B><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS 3">q</FONT></FONT><FONT STYLE="font-family: ARIAL"><B></B></FONT><B>&nbsp;&nbsp;PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED
ENVELOPE.&nbsp;&nbsp;</B><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: WINGDINGS 3">q</FONT></FONT><FONT STYLE="font-family: ARIAL"><B></B></FONT><B> </B></P>
<P STYLE="font-size: 22pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<TD VALIGN="MIDDLE" STYLE="border-top: #000000 2pt solid; border-bottom: #000000 2pt solid"><FONT STYLE="font-size: 14pt"><B>Proxy &mdash; Adecoagro S.A</B></FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" ROWSPAN="2"><FONT STYLE="font-size: 30pt">+</FONT></TD></TR>
<TR>
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<TD VALIGN="BOTTOM"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 14pt ARIAL"><B>Annual General Meeting of Shareholders &ndash; April&nbsp;15, 2015 </B></P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt ARIAL"><B>THIS PROXY IS SOLICITED BY THE COMPANY </B></P> <P ALIGN="JUSTIFY" STYLE="margin-top: 18pt; margin-bottom: 0pt; font: 10pt ARIAL">The undersigned hereby appoints Mariano Bosch, and in case Mr. Bosch is absent at the meeting, Emilio F. Gnecco, and in case
Mr. Gnecco is absent at the meeting, Carlos A. Boero Hughes, and in case Mr. Boero Hughes is absent, the chairman of the Annual
General Meeting, each with power to act without the other and with power of substitution, as proxy and attorney-in-fact and
hereby authorizes such persons to represent and vote, as provided on the other side, all the shares of Adecoagro S.A. Common
Stock which the undersigned is entitled to vote, and, in their discretion, to vote upon such other business as may properly
come before the Annual General Meeting of Shareholders of Adecoagro S.A. to be held April 15, 2015 or at any adjournment or
postponement thereof, with all powers which the undersigned would possess if present at the Meeting. </P> <P STYLE="margin-top: 18pt; margin-bottom: 0pt; font: 10pt ARIAL"><B>(Continued and to be marked, dated and signed, on the other
side) </B></P> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 8pt ARIAL">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font: 8pt ARIAL">
<TD VALIGN="TOP" BGCOLOR="#000000"> <P STYLE="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 10pt ARIAL"><FONT COLOR="#ffffff"><B>&nbsp;B&nbsp;</B></FONT></P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="MIDDLE"><FONT STYLE="font-size: 10pt"><B><FONT STYLE="white-space: nowrap">Non-Voting</FONT> Items</B></FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="BOTTOM"></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM"></TD></TR>
<TR STYLE="font: 8pt ARIAL">
<TD VALIGN="TOP" COLSPAN="3"> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt ARIAL"><B>Change of Address </B>&mdash; Please print new address below.</P>
<P STYLE="font-size: 1pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="BOTTOM" COLSPAN="3"> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt ARIAL"><B>&nbsp;&nbsp;Comments</B> &mdash; Please print your comments below.</P>
<P STYLE="font-size: 1pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 8pt ARIAL">


<TR>
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<TD WIDTH="46%"></TD></TR>

<TR STYLE="font: 1px ARIAL; font-size: 8pt">
<TD VALIGN="TOP" STYLE="border-left: #000000 1.5pt solid; border-top: #000000 1.5pt solid; padding-left: 8pt">&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-top: #000000 1.5pt solid">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-top: #000000 1.5pt solid; border-right: #000000 1.5pt solid">&nbsp;</TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM"></TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1.5pt solid; border-top: #000000 1.5pt solid">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-top: #000000 1.5pt solid">&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-top: #000000 1.5pt solid">&nbsp;&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-top: #000000 1.5pt solid; border-right: #000000 1.5pt solid; padding-right: 8pt">&nbsp;</TD></TR>
<TR STYLE="font: 8pt ARIAL">
<TD VALIGN="TOP" STYLE="border-left: #000000 1.5pt solid; padding-left: 8pt">&nbsp;</TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1.5pt solid">&nbsp;</TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM"></TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1.5pt solid">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1.5pt solid; padding-right: 8pt">&nbsp;</TD></TR>
<TR STYLE="font: 1px ARIAL; font-size: 8pt">
<TD VALIGN="TOP" STYLE="border-left: #000000 1.5pt solid; border-bottom: #000000 1.5pt solid; padding-left: 8pt">&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-bottom: #000000 1.5pt solid">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1.5pt solid; border-bottom: #000000 1.5pt solid">&nbsp;</TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM"></TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1.5pt solid; border-bottom: #000000 1.5pt solid">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-bottom: #000000 1.5pt solid">&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-bottom: #000000 1.5pt solid">&nbsp;&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1.5pt solid; border-bottom: #000000 1.5pt solid; padding-right: 8pt">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 8pt ARIAL">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD WIDTH="95%"></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD></TD></TR>


<TR STYLE="font: 8pt ARIAL">
<TD VALIGN="TOP" BGCOLOR="#000000"><FONT COLOR="#ffffff" STYLE="font-size: 10pt"><B>&nbsp;C&nbsp;</B></FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="MIDDLE"><FONT STYLE="font-size: 10pt"><B>Authorized Signatures &mdash; This section must be completed for your vote to be counted. &mdash; Date and Sign Below</B></FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM"></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM"></TD></TR>
<TR STYLE="font: 8pt ARIAL">
<TD VALIGN="TOP" COLSPAN="7"><B>NOTE: Please</B><B> </B><B>sign</B><B> </B><B>as</B><B> </B><B>name</B><B> </B><B>appears</B><B> </B><B>hereon.</B><B> </B><B>Joint</B><B> </B><B>owners</B><B> </B><B>should each</B><B> </B><B>sign.</B><B> </B><B>When
signing</B><B> </B><B>as</B><B> </B><B>attorne</B><B>y</B><B>,</B><B> </B><B>executo</B><B>r</B><B>,</B><B> </B><B>administrato</B><B>r</B><B>,</B><B> </B><B>trustee</B><B> </B><B>or</B><B> </B><B>guardian,</B><B> </B><B>please</B><B>
</B><B>give</B><B> </B><B>full</B><B> </B><B>title</B><B> </B><B>as</B><B> </B><B>such.</B></TD></TR>
</TABLE> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 8pt ARIAL">


<TR>
<TD WIDTH="32%"></TD>
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<TD></TD>
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<TD WIDTH="32%"></TD>
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<TD></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font: 8pt ARIAL">
<TD VALIGN="TOP">Date (mm/dd/yyyy) &mdash; Please print date below.</TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" NOWRAP>Signature 1 &mdash; Please keep signature within the box.</TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" NOWRAP>&nbsp;Signature 2 &mdash; Please keep signature within the box.</TD></TR></TABLE> <P STYLE="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 20pt ARIAL">


<TR>
<TD WIDTH="33%"></TD>
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<TD WIDTH="31%"></TD>
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<TD WIDTH="31%"></TD></TR>

<TR STYLE="font: 20pt ARIAL">
<TD VALIGN="TOP" STYLE="border: #000000 1.5pt solid; padding-left: 8pt"><FONT STYLE="font-size: 25pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 30pt">/</FONT><FONT STYLE="font-size: 25pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 30pt">/</FONT><FONT STYLE="font-size: 25pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1.5pt solid; border-top: #000000 1.5pt solid; border-bottom: #000000 1.5pt solid">&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-top: #000000 1.5pt solid; border-right: #000000 1.5pt solid; border-bottom: #000000 1.5pt solid"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM"></TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1.5pt solid; border-top: #000000 1.5pt solid; border-bottom: #000000 1.5pt solid">&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-top: #000000 1.5pt solid; border-right: #000000 1.5pt solid; border-bottom: #000000 1.5pt solid; padding-right: 8pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size: 14pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt ARIAL">


<TR>
<TD WIDTH="3%"></TD>
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<TD WIDTH="3%"></TD></TR>


<TR STYLE="font: 20pt ARIAL">
<TD VALIGN="BOTTOM"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 22pt Times New Roman"><FONT STYLE="font-family: WINGDINGS 2">&cent;</FONT></FONT></FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="BOTTOM" COLSPAN="3"> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial Narrow"><B>IF VOTING BY MAIL, YOU <U>MUST</U> COMPLETE SECTIONS A - C ON BOTH SIDES OF THIS CARD.</B></P>
<P ALIGN="LEFT" STYLE="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM"><FONT STYLE="font-size: 30pt">+</FONT></TD></TR>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
